A week of steady closes above the psychologically potent $100,000 mark has sharpened Mike Novogratz\u2019s conviction that Bitcoin is once again approaching escape velocity. Speaking on the latest \u201cGalaxy Brains\u201d podcast, the Galaxy Digital founder traced the market\u2019s arc back to its late-March nadir\u2014\u201cBitcoin went down and kissed right where it broke out: $74,000\u201d\u2014and argued that the subsequent recovery has rebuilt the structural bid that drives decisive trend inflections. \u201cBitcoin stops going down, it finds its buyers, and then it starts regaining momentum; and as soon as it gets momentum, momentum begets momentum,\u201d he told host Alex Thorn.<\/p>\n
That regained momentum, Novogratz contends, has already neutralised the post-tariff risk-off that rattled global assets. Gold \u201croofed\u201d while Bitcoin \u201csold off,\u201d yet the cryptocurrency\u2019s rebound has outpaced every major risk proxy. ETF demand underscores the shift: \u201cNet cumulative flows are at all-time highs,\u201d noted Galaxy trader Bimnet Abbi in the same episode, adding that retail and corporate treasuries<\/a> continue to absorb supply. MicroStrategy\u2019s at-the-market issuance has been \u201cbuying at a record pace,\u201d and fresh entrants\u2014including the \u201cSoftBank-Tether version of MicroStrategy,\u201d a newly announced \u201cDavid Bailey version,\u201d and an expanding Japanese version Metaplanet\u2014are repeating that playbook.<\/p>\n Novogratz sees these structural bids compressing the window between resistance and fresh price discovery. \u201cIt feels right now like if we take out $107,000, we\u2019re going to be $120,000 \u2013 $130,000,\u201d he predicted. The level he emphasised\u2014$107,000\u2014marks both the post-ETF closing high and the neckline of March\u2019s corrective range; a decisive breach would, in his framing, unleash a self-reinforcing scramble for exposure among under-positioned institutions.<\/p>\n Macro inputs appear to support that thesis. Equities \u201chave rallied almost 25% from the lows,\u201d Abbi observed, while retail investors who \u201cbought the dip \u2026 are now sitting in a ton of profits.\u201d Against that backdrop, Bitcoin\u2019s correlation to traditional risk has remained elastic, at times trading \u201clike gold<\/a>\u201d when monetary hedges caught a bid, and at times outperforming high-beta equities during growth rotations. For Novogratz, that chameleon-like behaviour is evidence that Bitcoin is maturing into \u201ca macro asset that is going to be on every desk of every macro trader\u201d\u2014a role that, in his view, will eventually see its market capitalisation surpass gold\u2019s.<\/p>\n