Mike Novogratz, CEO of Galaxy Digital, has made a bold prediction: Bitcoin could soar to $1 million in value. His bullish forecast hinges on the growing adoption rate of the cryptocurrency. Despite recent market fluctuations, over 75% of Bitcoin holders remain profitable. Bitcoin’s price recently dropped, but it managed to stay above the important $100,000 mark, trading at $104,664.72 with a 2.65% decline in the past 24 hours. This suggests short-term volatility, but long-term optimism for the cryptocurrency remains strong. Novogratz’s prediction comes as he believes Bitcoin is poised to gain acceptance among younger generations, potentially overtaking gold as a preferred asset. He also pointed out that Bitcoin has yet to reach its peak market cap in comparison to gold, suggesting significant potential growth ahead. Other prominent figures like Michael Saylor, Executive Chairman of MicroStrategy, share Novogratz’s optimistic outlook on Bitcoin’s long-term prospects. Saylor dismisses fears of a crypto winter and emphasizes Bitcoin’s resilience as a reliable store of value with unparalleled future upside. However, technical analysis reveals a more complex picture. Indicators like the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) suggest a potential short-term correction. Despite this, on-chain data indicates that more than 75% of Bitcoin holders are currently profitable, suggesting widespread buying at lower prices. However, uncertainties remain about the future trajectory of Bitcoin.