More Pain to Come for Bitcoin? Crypto Galaxy Digital CEO Novogratz Warns of Correction
Is the Bitcoin bull run about to hit a wall? Recent pronouncements from Galaxy Digital CEO Mike Novogratz suggest a potential downturn, even after Bitcoin\'s impressive surge. After periods of explosive growth, market corrections are almost inevitable, and Novogratz is signaling caution.
Bitcoin Correction Likely, Says Galaxy CEO
Speaking on Thursday, November 21, Novogratz explained that Bitcoin’s surge to over $98,900 has prompted Galaxy CEO Mike Novogratz to predict a likely correction. He pointed towards high leverage as a key factor, suggesting that the market may be overextended.
Novogratz\'s Shifting Bitcoin Stance
It\'s important to remember that Novogratz has been a long-time Bitcoin advocate. In fact, no less than well-known crypto advocate and Galaxy Digital CEO Mike Novogratz, who, back in March 2025, said the maiden cryptocurrency will hit $500,000 by 2025, dialed down his expectations. This adjustment reflects the dynamic nature of the crypto market and the need for constant reevaluation.
Galaxy Digital\'s Investment in Bitcoin\'s Future
Despite potential short-term pain, Galaxy Digital remains invested in the long-term potential of Bitcoin and the broader crypto ecosystem. When Galaxy Digital (GLXY) CEO Mike Novogratz bought Argos\' Helios data center in late 2025, at the depths of the post-FTX crypto winter, the company thought strategically, positioning itself for future growth. This commitment underscores a belief in Bitcoin\'s enduring value, even amidst market volatility.
Novogratz\'s Perspective on the Current Market
In a recent interview with CNBC\'s Squawk Box, Mike Novogratz, CEO of Galaxy Investment Partners, shared his thoughts on the crypto market. Bitcoin\'s potential to surpass $100,000 is high, but a market correction is likely due to the high leverage in the crypto market. According to Odaily, Michael Novogratz, the founder and CEO, emphasizes the importance of responsible investing and risk management in the volatile crypto space.
What This Means for Bitcoin Investors
Novogratz\'s warning should serve as a reminder that investing in Bitcoin and other cryptocurrencies carries inherent risks. While the long-term outlook may be positive, short-term volatility is a given. Investors should carefully consider their risk tolerance and diversify their portfolios accordingly. Be prepared for potential "more pain to come" in the short term, even as Bitcoin continues its long-term journey.