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Crypto debate intensifies: Novogratz sees Bitcoin bottom while Burry warns of collapse
Thursday’s Bitcoin crash has captured the attention of investors and politicians, who are questioning why the market “went so wrong.” Galaxy Digital founder Michael Novogratz believes Bitcoin may have already found a bottom, while skeptical investor Michael Burry warns of a “death spiral.”
Galaxy Digital CEO Mike Novogratz told Bloomberg that Bitcoin could be approaching its minimum, though he cannot say for certain. He noted that a large amount of leveraged funds have been pulled from the system, and pessimism among crypto investors is high. Discussing the ongoing rise in gold and Nasdaq prices, declining interest rates, and a pro-crypto Trump administration, he added that “Bitcoin should not have behaved this way” and that “something went wrong.”
When asked about the potential consequences for crypto markets, Novogratz suggested a new Bitcoin price range of $70,000–$100,000.
Old banking guard in the spotlight
U.S. Senate candidate John Deaton, a crypto advocate, commented on Novogratz’s remarks in a post on X. Deaton agreed with Novogratz, saying “the math doesn’t add up” regarding Bitcoin’s current price. He argued that when gold hits historical highs and Bitcoin drops to new lows under similar macro conditions and a pro-crypto administration, attention should be paid to the paper markets.
Deaton claims that the same strategy once used to suppress silver prices is being applied to Bitcoin through active shorting in futures markets, despite high physical demand. According to Cryptopolitan, he accused traditional financial players—“the old guard”—of manipulating Bitcoin and other cryptocurrencies to undermine the concept of digital gold.
“Banks follow their political strategy in Washington to slow or kill crypto legislation while manipulating the asset itself,” Deaton wrote.
He described this dynamic as a clash between the old guard and the “new guard,” consisting of crypto players like Coinbase and CEO Brian Armstrong.
No bottom in sight, says Burry
Meanwhile, legendary investor Michael Burry warned that Bitcoin is in a “death spiral” and that crypto markets may worsen as cascading events trigger further sell-offs. The current crash could lead to catastrophic liquidation in gold and silver as BTC-holding companies attempt to offset losses. Some miners may face bankruptcy, pushing prices even lower.
Unlike Novogratz, Burry sees no bottom for Bitcoin, as he believes there is no organic use case to slow or halt the current spiral. He claims the idea of Bitcoin as digital gold has collapsed, showing that its price movements are purely speculative and highly vulnerable to negative market sentiment.
As we wrote, Bitcoin could face potential 70% drawdown as selloff revives bear market fears
This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.
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