Mike Novogratz: Bitcoin (BTC) to Trade Higher in 2024

Recently, Mike Novogratz, a well-known figure in the crypto sphere, recently shared his bullish outlook for Bitcoin (BTC) in 2024 on the X social media platform, predicting that the bellwether cryptocurrency will surge higher later this year.

This forecast came as a response to a bearish post by Chris J. Terry, who predicted a bleak short-term future for Bitcoin due to potential selling pressure following Grayscale’s decision to maintain a 1.5% fee on its exchange-traded fund (ETF).

Novogratz’s optimist outlook

Novogratz expressed disagreement with Terry’s pessimistic view. He believes that investors might indeed sell their Grayscale Bitcoin Trust (GBTC) holdings, but they are likely to reinvest in other ETFs, particularly favoring BTCO.

The crypto mogul stressed the ease of investment for a broader demographic, including boomers, through these ETFs.

He also pointed out the possibility of leveraging Bitcoin exposure up to four or five times. In his view, the current market discomfort will pass, leading to a higher valuation for Bitcoin in the next six months.

JPMorgan’s сautious stance

Contrasting with Novogratz’s optimism, JPMorgan remains bearish due to the selling pressure anticipated from Grayscale.

This sentiment is shared by several analysts in the financial sector, who view the recent approval of multiple spot Bitcoin ETFs as a precursor to downward pressure on Bitcoin’s price.

Despite this, some analysts, like Tuur Demeester, maintain a positive outlook. Demeester recently commented on the resilience of Bitcoin amid negative news coverage, noting that the cryptocurrency has hit a predictable resistance and is now trading within a specific range.

Huge negative news coverage for bitcoin and yet, it has simply hit some predictable resistance and is now trading in a range. pic.twitter.com/vVdUhoOkri

— Tuur Demeester (@TuurDemeester) January 21, 2024

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