Galaxy Digital CEO Michael Novogratz is confident that the first cryptocurrency will continue to grow, but he believes that before that, the BTC rate must correct and consolidate a little.

During an interview on Bloomberg TV, Michael Novogratz said that a correction in the first cryptocurrency is “virtually inevitable.” In his opinion, the BTC rate will drop to approximately $55,000 and will remain at this level for some time, but then continue to grow.

“I would not be surprised by some correction and consolidation, but I am sure that even at current prices you can buy Bitcoin, because you are confident in the influx of funds into BTC,” said the CEO of Galaxy Digital.

According to Michael Novogratz, after the approval of spot Bitcoin ETFs in the United States, many investors began to understand the “true value” of the first cryptocurrency. And, despite possible short-term fluctuations in the rate, the long-term prospects of the first cryptocurrency are extremely positive. He is confident that if large investors, in whose hands $85 trillion is concentrated, invest at least 2% of their funds, this will significantly increase the value of Bitcoin.

Not long ago, Novogratz said that the approval of spot Bitcoin ETFs would attract many institutional investors, which would inevitably affect the price of the coin.