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Novogratz Admits He Was Wrong About Bitcoin Hitting $150K In 2025
Galaxy Digital’s Mike Novogratz was convinced that US crypto legislation would spur new market participation, propelling Bitcoin, the world’s largest cryptocurrency by market value, to new record highs of $150,000.
But now he admits he was wrong as sentiment is currently “decidedly negative.”
“If you had asked me, I would have said 2025 is going to be a great year for Bitcoin… we’re going to end the year at 150 [thousand]. We’re sitting here at about 88,000 as we’re speaking. So I totally got that wrong,” he explained during a video interview with SkyBridge Capital founder Anthony Scaramucci.
According to Novogratz, the current crypto market is in a “cortisol” state instead of a “testosterone-fed” bull market.
 
“There’s a great book… called The Hour Between the Dog and the Wolf. And he talked about the psychology of a bull market, which is all testosterone fed, and the psychology of a bear market, where it’s cortisol… In a bear market… traders get these little look like beer bellies, right? Cortisol bellies… that’s the market we’ve been in in crypto for the last, you know, three months,” the ex-fund manager said.
Part of what is holding Bitcoin back is October’s brutal leverage wipeout that sent cryptocurrency prices tumbling. Novogratz believes the liquidation cascade hurt retail investors both financially and psychologically.
Novogratz Says BTC Should First Reclaim $100K
Novogratz indicated that Bitcoin will remain choppy and trade sideways going forward.
The apex crypto will need to rebound above $100,000, a key psychological level it first pierced through in December 2024, shortly after Donald Trump won reelection, in order to regain bullish momentum. However, he thinks jumping past $100K will be challenging as call sellers are likely to cap the upside.
Bitcoin has spent practically all of December stuck between $85,000 and $90,000 amid derisking. The cryptocurrency is down 0.5% to $87,280 over the past 24 hours, according to CoinGecko data.