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Crypto billionaire Mike Novogratz, CEO of Galaxy Digital, is tempering expectations for those betting on a new all-time high for Bitcoin this year. Speaking with CNBC, the longtime crypto investor said he expects Bitcoin to end 2025 in the $100,000 to $125,000 range, calling for patience as the market recovers from recent volatility.
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Novogratz noted that the crypto market recently experienced a sharp correction after a period of heavy leverage and rapid gains. “Bitcoin got to $125,000 and we’ve had a real consolidation since then,” he explained. “The big deleveraging that happened a week ago, that’s not good for markets. It wiped out a lot of market makers and means less liquidity.”
He added that price swings have become more pronounced. “You can see yesterday, we were down and then up 4% and then right back down. So there’s a little less liquidity in the market. It took a lot of retail leverage out of the system. The good news is we’re less leveraged. The bad news is when Humpty Dumpty breaks, he doesn’t get put together right away.”
According to Novogratz, the crypto market is in a rebuilding phase and will likely need time to stabilize. “It takes a few weeks and sometimes months even for markets to heal itself and regain narrative and regain momentum,” he said. “I don’t think anything fundamentally has changed in the crypto story.”
He cited macroeconomic factors as continuing to favor digital assets. “Our government continues to spend way more money than they should, and I think as long as the debasement of fiat currencies goes on, crypto is going to be seen and Bitcoin’s going to be seen.”
Novogratz believes crypto markets are waiting for a new narrative to drive momentum. One possible factor is the market structure bill currently progressing through U.S. Congress, which could provide clearer regulatory guidelines for digital assets.
While he doesn’t expect a major breakout as his base case, Novogratz acknowledged that Bitcoin could test new highs under certain conditions. “We could take out the top side if the president prematurely makes a move on the Fed, which they could target that easily by the end of the year. And if this bill gets passed, those are the two kind of catalysts I see.”
The Galaxy Digital chief maintains that long-term fundamentals for Bitcoin remain strong, anchored by growing institutional adoption, ETF inflows, and increasing distrust in fiat stability. But for now, he says investors should expect consolidation before the next leg higher.
He expects Bitcoin to finish the year between $100,000 and $125,000, following a period of consolidation.
He referred to the recent market correction that reduced leverage and liquidity, leading to temporary instability but creating a healthier long-term environment.
Two key factors: potential Federal Reserve policy changes and the passage of a U.S. crypto market structure bill.
Yes. He says macroeconomic conditions, especially rising debt and inflation, continue to support Bitcoin’s value proposition.
If one or both catalysts materialize by year end, Bitcoin could surpass its previous highs earlier than expected.