Billionaire Mike Novogratz Predicts Bitcoin Rally Amid Market Recovery

Billionaire investor Mike Novogratz, with an estimated net worth of $2.7 billion, believes Bitcoin (BTC) is on the verge of a significant rally. Posting on social media platform X, the Galaxy Digital founder stated that while Bitcoin has traded like one of the "MAG8" tech stocks this year, it now “feels like it’s about to have a run.”

Bitcoin is currently trading at $83,802, according to CoinGecko, marking a strong 5% gain in the past 24 hours. This surge comes as U.S. stocks also bounce back, hinting at renewed investor confidence. Earlier this week, Bitcoin dipped to a multi-month low of $74,588 but is now poised to end the week on a high note.

The largest cryptocurrency remains down about 10% year-to-date, weighed down by macroeconomic pressures including trade tariffs. However, veteran technical analyst John Bollinger recently suggested that Bitcoin might be in the process of bottoming out, signaling potential bullish momentum ahead.

Despite Bitcoin's correlation with traditional equities, recent trends suggest a gradual decoupling, especially during sharp market sell-offs. Novogratz, a long-time Bitcoin advocate who often refers to BTC as "digital gold," continues to highlight the importance of narrative in defining crypto market winners.

Interestingly, Novogratz noted that he finds himself agreeing more frequently with long-time Bitcoin skeptic Peter Schiff, particularly on global trade imbalances. However, he also challenged Schiff to recognize Bitcoin's emergence as a legitimate macro asset.

With momentum building and sentiment improving, Novogratz’s forecast adds fuel to the belief that Bitcoin may be on the cusp of another bullish phase.