Bitcoin Failed to Break $100,000: Mike Novogratz Reveals Why the Crypto Market Is Still on Hold

Jakarta, Pintu News – The price of Bitcoin (BTC), which has fallen again after touching a record high, has sparked big questions among crypto market players. Galaxy Digital CEO, Mike Novogratz, believes that this condition is not just a matter of sentiment, but a market structure that has not fully recovered. According to him, the psychological level of USD 100,000 or around Rp1.67 billion is now the main challenge. Short-term technical and liquidity factors still limit Bitcoin’s movement.

$100,000 Level Is Bitcoin’s Main Resistance

Mike Novogratz explained that the USD 100,000 level previously served as strong support that attracted huge buying interest. Many investors accumulated Bitcoin in that area in the hope that the uptrend would continue. However, when the price fell through this level, the selling pressure increased significantly. The price of BTC quickly dropped to around USD 80,000 or around Rp1.34 billion.

The sharp drop reflects forced liquidation, triggered stop losses, as well as the entry of new short positions. Under these conditions, broken support generally turns into resistance. Investors who bought near the top tend to sell when the price approaches that level. As a result, any attempted rally to the USD 100,000 area faces additional selling pressure.

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Positive Macro Factors, but Not Instant Effect

Despite the short-term pressure, Novogratz remains optimistic about the long-term prospects of crypto and cryptocurrencies. He expects the US Federal Reserve to potentially cut interest rates to around 2.5%. The policy could increase risk appetite and support digital assets. In addition, the clarity of crypto regulation in the United States is considered to be getting closer.

Global interest in blockchain infrastructure is also said to be increasing, including from the Middle East region. Novogratz considers the development of tokenization of real-world assets and blockchain-based digital financial systems to be an important foundation. However, he emphasized that industry growth is not always directly reflected in token prices. Building a global-scale financial infrastructure takes years.

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Sideways Market Before the Next Rally

Novogratz predicts the crypto market will move sideways before the next big rally takes place. Liquidity and market depth need to be rebuilt after the correction phase. Retail investors usually return gradually, while institutions tend to wait for clearer momentum. This process makes price movements likely to be limited in the short term.

According to him, finding a strong price floor is key to the next phase. The market needs to absorb excess supply and adjust leverage positions. Once these conditions are achieved, the opportunity for a more sustainable rise may open up. Until then, volatility and flat movements are considered the most realistic scenarios.

Conclusion

Mike Novogratz thinks Bitcoin’s failure to break back to USD 100,000 is not due to the crypto’s weak long-term prospects. The main obstacles come from the market structure, stuck positions, and liquidity that has not yet recovered. Although macro and regulatory factors are favorable, the market still needs time. In the short term, a consolidation phase is reasonable before the next rally takes shape.

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities have high risk and volatility, always do your own research and use cold cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.

Reference:

• Coinpedia. Why Bitcoin Price Can’t Break $100,000 Right Now, According to Mike Novogratz. Accessed December 22, 2025
• Featured Image: CNBC