Bitcoin Isn't Dead' — Novogratz Weighs In as BTC Rebounds to $62K

The crypto market has had a rough week after rallies pushed the total market cap above $2.50 trillion. Bitcoin climbed from $67,000 to above $80,000 in early May, with other tokens tagging along. Over the past two weeks, however, BTC crashed from $77,000 to below $60,000 before bouncing back to $62,000 — the kind of whiplash that has become a recurring tradition around these parts.

This shifting sentiment has reignited debate over Bitcoin's outlook. On All Things Markets, host Anthony Scaramucci asked Galaxy CEO Michael Novogratz whether the recent breakdown amounted to a thesis break for Bitcoin.

Novogratz's answer came despite persistent critics, including Peter Schiff, who continues to insist BTC is heading to $20K. Schiff's forecasting track record remains a sore subject among the permabull crowd.

The Galaxy CEO also pushed back on the four-year cycle framework, noting he never believed BTC should trade on such rigid rhythms — even as Binance's Richard Teng, CZ, and various China-based accounts swear by it. As Novogratz put it, those believers sometimes see the process become self-fulfilling, even when price action is doing the opposite.

His broader argument: as BTC matures, the four-year cycle may no longer be the right framework. Markets, like halvings, do evolve.

The bullish case, according to Novogratz, is that BTC trades roughly 4x above its 2022 lows, when it was hovering around $15K. Gold has yet to replicate that move, and BTC remains above Michael Saylor's predicted low of $45K — a low Saylor still somehow hasn't been right about yet.

Novogratz added that there are investors who went long on BTC at $8K and are still holding, convinced it could eventually reach $300K or $400K. These same holders, notably, did not flinch at $126K. Patience, as they say, is a virtue — or possibly a coping mechanism.

He acknowledged, though, that BTC isn't trading particularly well right now. Volumes are down 40%, and other tokens are faring worse. Novogratz compared the current setup to the AI bubble narrative, suggesting that's how some great undertakings end — a cheerful thought, indeed. Even so, Bitcoin has won on resilience, though its structure is changing.

As BTC and the broader crypto market staged a slow rebound, trader James