Bitcoin’s recovery to six-figure territory has put the current price at the $107,000 mark in sharp focus—and for Galaxy Digital’s Mike Novogratz, a breakout could ignite a fresh wave of price discovery.
After a week of closes above $100,000, Bitcoin appears to be building the structural momentum necessary to break higher, according to Galaxy Digital founder Mike Novogratz. On the latest Galaxy Brains podcast, the veteran investor traced Bitcoin’s path from its post-ETF correction to its current rally, describing the bounce from March lows as a textbook example of how crypto markets regain traction.
“Bitcoin went down and kissed right where it broke out: $74,000,” Novogratz recalled. That level marked the bottom of the market’s recent dip and, in his view, became the launching pad for the current uptrend. “Bitcoin stops going down, it finds its buyers, and then it starts regaining momentum; and as soon as it gets momentum, momentum begets momentum.”
Introduction to Bitcoin
Bitcoin is a decentralized digital currency that enables secure and direct peer-to-peer transactions on the internet. Created by the pseudonymous Satoshi Nakamoto in 2008 and launched in January 2009, Bitcoin operates on a decentralized system known as the bitcoin network. This network records bitcoin transactions on a public ledger called the bitcoin blockchain, maintained by a peer-to-peer network of computers.
Bitcoin works by using cryptography to secure and verify transactions, making it a reliable and trustworthy form of currency. The bitcoin protocol allows for the creation of new bitcoin through a process called bitcoin mining. This involves solving complex mathematical problems to validate transactions and create new blocks, ensuring the integrity and security of the network. As a result, Bitcoin has become a revolutionary digital currency, offering a decentralized alternative to traditional financial systems.
ETF Flows and Corporate Demand Fuel the Bid
Momentum, in this cycle, is not just narrative-driven. Structural demand continues to intensify, particularly through spot Bitcoin ETFs, whose net cumulative flows and trading volume have hit all-time highs. Galaxy trader Bimnet Abbi noted on the same podcast that the buying is broad-based: “Retail and corporate treasuries continue to absorb supply.”
These transactions involve transferring funds between different digital wallets and exchanges.
MicroStrategy remains the standard-bearer, aggressively accumulating BTC via its at-the-market offering, showcasing the importance of trade in Bitcoin’s market dynamics. But it’s no longer alone. Novogratz highlighted “a SoftBank-Tether version of MicroStrategy,” a “David Bailey version,” and Japan’s Metaplanet—all deploying similar treasury strategies to acquire Bitcoin at scale.
The effect of these “structural bids,” Novogratz argues, is to compress the range between resistance and breakout. “It feels right now like if we take out $107,000, we’re going to be $120,000 – $130,000,” he predicted, calling the $107K level the technical neckline from March’s corrective range—and the psychological hinge for a broader institutional repricing.
A Maturing Macro Digital Currency Asset
Supporting this thesis are signs of resilience across traditional markets. Equities have rallied nearly 25% from their lows, with retail traders now sitting on strong gains. Bitcoin, meanwhile, has demonstrated flexible correlations: at times moving like gold during flight-to-safety phases, and at other times outpacing high-beta equities during growth rotations.
For Novogratz, this adaptability is a sign that Bitcoin is evolving into a full-fledged macro asset. “It’s going to be on every desk of every macro trader,” he asserted. That trajectory, in his view, positions BTC to eventually challenge gold’s market cap on an inflation-adjusted basis.
Risks Remain—but So Do Bitcoin Prices
Still, Novogratz was quick to note the inherent volatility of Bitcoin’s feedback loops. After January’s euphoric surge, “real sellers … that bought at forty decided they wanted to sell at a hundred,” driving prices back to $74K. While further shocks—such as geopolitical tariffs—could spark similar selloffs, the current dynamic of ETF creations and aggressive treasury buying has so far shortened each correction and restored upside momentum more rapidly.
Bitcoin Pizza Day marks the first known commercial transaction using Bitcoin when a programmer purchased two pizzas for 10,000 bitcoins. Gavin Andresen, the lead developer after Nakamoto’s departure, played a crucial role in Bitcoin’s early growth and promotion.
With BTC consolidating above $100K and pressing toward its $107K pivot, both technical and structural forces appear to be converging, affecting bitcoin prices. A decisive close above that level, Novogratz believes, could trigger a self-fulfilling scramble from underexposed institutions and push Bitcoin into a new price band.
The Market Holds Its Breath Amid Trading Volume
At the time of writing, Bitcoin was trading at $104,054—just below its post-ETF high, highlighting its value compared to the dollar. For now, all eyes are on whether the market can muster the “mojo,” as Novogratz puts it, to break through the critical threshold.
One bitcoin can be divided into eight decimal places, allowing for transactions with smaller fractions of the cryptocurrency.
“If we take that out,” he concluded, “you’re going to be asking, ‘how did that happen?’”
