Galaxy Digital CEO Mike Novogratz admitted that his previous prediction of Bitcoin reaching $150,000 in 2025 was wrong, pointing out that market sentiment is "clearly pessimistic." He described the current market as a "cortisol" bear market, with anxious traders, comparing it to a "testosterone-driven" bull market. He believes the loss of market momentum is partly due to the October "flash crash" and expects Bitcoin prices to experience a period of sideways movement. He noted that Bitcoin needs to break through $100,000 to regain a bullish outlook, but this goal is being hindered by bullish option sellers. Despite the price stagnation, he remains optimistic about the development of new banks and tokenized infrastructure.