Bitcoin (BTC) Eyes Recovery as Galaxy Digital's Mike Novogratz Hints at New Rally

Mike Novogratz, a longtime crypto advocate and billionaire investor, believes Bitcoin could be on the verge of a breakout.

Crypto billionaire Mike Novogratz is hinting at a possible breakout for Bitcoin.

The Galaxy Digital founder said on X that Bitcoin feels like it could be setting up for an upward move. This is in contrast to earlier in the year, when the cryptocurrency largely traded in tandem with tech stocks.

His comments come as Bitcoin recovers from a midweek dip, adding over 5% in the last 24 hours to trade around $83,800, according to CoinGecko. This rebound follows a broader rally in U.S. equities, continuing what has been a volatile stretch for both markets. Just days earlier, Bitcoin had dropped to a multi-month low near $74,500.

Despite its close correlation with the stock market, Bitcoin has shown moments of divergence, especially during recent downturns. Analysts like John Bollinger have also hinted that the cryptocurrency might be forming a bottom, which could bode well for a bullish reversal.

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Year-to-date, BTC is still down roughly 10%, pressured by global economic concerns—including the threat of increased tariffs.

Novogratz remains a firm believer in Bitcoin, often referring to it as “digital gold.” He also has a running commentary on topics where he agrees with Bitcoin critic Peter Schiff, such as issues related to trade imbalances.

However, Novogratz challenged Schiff to finally recognize Bitcoin’s evolution into a legitimate macro asset—something that, he said, few expected it to achieve.