Novogratz Defends BTC Outlook as Bitcoin Rebounds to $62,000

Bitcoin ($BTC) recovered to $62,000 after a two-week slide that took the price from $77,000 to below $60,000, prompting Galaxy CEO Michael Novogratz to push back against suggestions that the recent breakdown has broken the asset's bullish thesis. The rebound came after a retreat from a total crypto market cap above $2.50 trillion, with $BTC having climbed from $67,000 to above $80,000 in early May before reversing.

Speaking on Anthony Scaramucci's All Things Markets podcast, Novogratz said he never believed $BTC should trade on a four-year cycle, despite that view being common among market participants including Binance's Richard Teng and founder CZ. He argued that as the asset matures, the four-year cycle may no longer be the appropriate framework, and pointed to $BTC trading roughly four times above its 2022 lows near $15,000 as evidence of resilience. He noted that gold has not replicated that performance and that $BTC is holding above the $45,000 low predicted by Michael Saylor.

Novogratz acknowledged softer conditions, saying $BTC volumes are down 40% and that other cryptocurrencies are performing worse, while warning that "the AI bubble was becoming a thing" and that "that's how some great undertakings end." He added that while $BTC "had won in resilience," the structure of the market was changing. He also referenced long-term holders who entered at $8,000 and remain positioned for $300,000 to $400,000 targets, noting that those investors did not sell at $126,000. The comments came as economist Peter Schiff continued his criticism of the asset, predicting $BTC could fall to $20,000.

As prices ticked higher, on-chain data tracked by Lookonchain showed trader James Wynn closing $BTC and Solana ($SOL) short positions for a combined $6.4K profit before flipping long. Wynn opened a 40x leveraged $BTC long worth $373,000 and a 25x leveraged Ethereum ($ETH) long worth $8.50K. At the time of the moves, $BTC was up 2.50% and $ETH was up 2.78%, with the two largest-cap assets leading the rebound.