Mike Novogratz claims the price of Bitcoin should be corrected after gaining 100% in weeks

BTC will soon be prepared for a pullback, according to Michael Novogratz, the CEO of Galaxy Digital and a former Goldman Sachs partner. In a recent interview, he told CNBC that the cryptocurrency is potentially "vulnerable" to pullbacks.

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Over the last couple of weeks, Bitcoin has experienced an exceptionally powerful surge, surprising most buyers. Even after the fall to $30,000 this morning, BTC remains up by around 75 percent in the last 30 days and up by over 100 percent in the last six weeks. Even the most fervent Bitcoin supporters were surprised by the rally, when there were many who doubted the cryptocurrency would reach $20,000 in 2020.

Per several technological trends, the cryptocurrency is heavily overbought, some analysts also reported. In past bull markets, Bitcoin has periodically pulled back, re-testing main support levels before moving to all-time highs.

BTC is yet to do this for the last month. Yet, when Novogratz sees so much institutional capital moving into this space, he also sees that Bitcoin’s long-term growth is ahead. According to cryptoslate.com, Novogratz said he did not “hire people fast enough” to represent the organizations Galaxy works with.

To prove his point, SkyBridge Capital just announced that it has a $300 million bitcoin position:

“SkyBridge Capital, a leading global alternative investment firm, today announced the launch of the SkyBridge Bitcoin Fund LP, which provides mass-affluent investors with an institutional-grade vehicle to gain exposure to Bitcoin. Additionally, on behalf of its flagship funds, SkyBridge initiated a position, valued at approximately $310 million at the time of this release, in funds investing in Bitcoin during November and December 2020.”

Andrew Kang’s Mechanism Capital recently clarified that the entry into the Bitcoin space of large institutional investors would definitely drive the market much higher than we can think because of the amount of capital they hold and will influence by their social capital:Andrew Kang’s Mechanism Capital recently clarified that the entry into the Bitcoin space of large institutional investors would definitely drive the market much higher than we can think because of the amount of capital they hold and will influence by their social capital.

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