Michael Novogratz: I anticipate a pullback in Bitcoin, there is currently a large amount of leverage in the crypto market

According to CNBC, Galaxy Digital founder and CEO Michael Novogratz has expressed his views on Bitcoin. He stated that Bitcoin is expected to break through the highly anticipated $100,000 mark in its strong rebound after the U.S. election, but this does not mean it will continue to rise. In the "Financial Forum" program, Novogratz pointed out that although a six-figure price for Bitcoin is "inevitable" and may continue to rise, it will eventually pull back. He emphasized that there is currently a large amount of leverage in the cryptocurrency market and the crypto community has been highly leveraged, so a market correction is imminent.

However, Novogratz predicts that Bitcoin will not fall below $80,000 - its value before Trump was elected. At the same time he warned that stocks like MicroStrategy which trade similarly to leveraged bitcoin trades could face larger adjustments. Furthermore, Novogratz advises investors to directly purchase Bitcoin instead of companies like MicroStrategy.