In the wake of Bitcoin's significant price decline, prominent market figures have offered contrasting analyses of the causes and future trajectory. Billionaire investor and Galaxy Digital founder Mike Novogratz described the drop as a "breather after a marathon," attributing it to substantial profit-taking by large holders. He revealed that a $9 billion selling pressure emerged in the market as institutional and individual "whales" liquidated portions of their Bitcoin holdings to cover expenses like purchasing sports teams or yachts, temporarily disrupting the supply-demand balance.
Novogratz identified the $60,000 level as a critical support for Bitcoin, expressing his conviction that the bottom has been reached at that price point and confirming he has recently begun buying Bitcoin again. On a macroeconomic level, he argued the US dollar is beginning to lose its global reserve currency status, citing foreign central banks reducing their US Treasury holdings. He believes this shift towards a "reserve-currency-free" era creates a positive long-term outlook for scarce assets like Bitcoin and gold. Furthermore, Novogratz expressed optimism about US crypto regulation, suggesting the passage of a crypto market structure law is imminent following his discussions with Senate Majority Leader Chuck Schumer.
Conversely, Bloomberg Senior Commodities Strategist Mike McGlone presented a more pessimistic view, stating Bitcoin is in a "bear market" and that liquidations are far from over. He set a clear technical condition for a trend reversal, stating, "The downtrend will continue until Bitcoin breaks above $74,000 and stays there." McGlone also predicted that a true market bottom would not be reached until the excess of "junk"—referring to altcoins and memecoins—is cleared from the ecosystem.
Other analysts pointed to external geopolitical factors adding to market uncertainty. Strategist James Lavish noted that former President Donald Trump's new tariff policies and escalating Middle East tensions are pressuring risk assets like Bitcoin, potentially driving capital towards traditional safe havens like gold and treasury bonds. Dave Weisberger, former CEO of CoinRoutes, echoed concerns about economic uncertainty from trade policies but also highlighted a positive on-chain signal: the continued increase in Bitcoin's network hash rate during the price decline, which he interprets as a sign of underlying network strength.
