Galaxy CEO Mike Novogratz admitted his $150,000 Bitcoin prediction for 2025 was incorrect. He had anticipated regulatory improvements would push BTC to that level, but Bitcoin currently trades around $88,000, and market sentiment remains in a “cortisol” state—anxious rather than bullish.

Novogratz likens the current market to “cortisol bellies,” where traders feel tense after sharp moves, especially following the October 9 “flash crash” (Black Friday), which hurt retail investors’ psychology and finances. He expects the market to remain choppy and sideways, with breaking $100,000 challenging due to call sellers capping upside potential.

Despite price stagnation, Novogratz remains optimistic about infrastructure development, highlighting the promise of neo-banks and asset tokenization, noting that “there’s no bear market in building crypto infrastructure.”