Galaxy CEO Mike Novogratz has admitted that he was wrong about his 2025 prediction for Bitcoin. Previously, he expected Bitcoin to end the year at $150,000, driven by an improving regulatory environment. However, sentiment in the market remains “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,” Novogratz said.
### “Cortisol Bellies” and Market Psychology
Novogratz describes the current crypto market as being in a “cortisol” state rather than a “testosterone-fed” bull market. He explains that traders are anxious and acting differently compared to a typical bull market scenario.
“There’s a great book called *The Hour Between the Dog and the Wolf*, which talks about the psychology of a bull market— 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 crypto for the last, you know, three months.”
### Impact of the October 9th Flash Crash
A major reason for the loss of momentum in the market was the “flash crash” on October 9th, an event Novogratz refers to as “Black Friday.” He notes that this was both psychologically and financially damaging, especially to retail investors.
### Market Outlook
Novogratz believes the market will remain choppy and move sideways for the foreseeable future. For Bitcoin to regain a bullish narrative, it needs to break above $100,000. However, this will be challenging due to call sellers capping the upside.
### Optimism Around Infrastructure Developments
Despite the price stagnation, Novogratz remains optimistic about the development of crypto infrastructure. He specifically mentions neo-banks and tokenization as areas of massive growth and potential.
“There’s no bear market in building crypto infrastructure,” he noted.
In summary, while the short-term sentiment and price action point to uncertainty and caution, the long-term outlook for crypto infrastructure development remains strong according to Novogratz.
https://bitcoinethereumnews.com/bitcoin/bitcoin-btc-novogratz-admits-he-was-wrong/
