Michael Novogratz Sees Imminent Bitcoin Resurgence

"I pray cool heads prevail and this is not the start of a major regional conflict," Novogratz said. "There are so many good things going on in the mid east, it's just tragic that we are here."

Asides the termination of the war, Bitcoin is likely to experience a surge in the coming days. The Bitcoin halving event is speculated to bring a potential bull run to the asset and the broader market. This expectation has led investors into hoarding Bitcoin-related assets through the BTC leveraged ETF.

Nations like Hong Kong are also preparing to greenlight spot Bitcoin ETFs this month, demonstrating a widespread adoption of the flagship cryptocurrency. Should this eventually happen, there is a possibility that BTC price will retrace its bearish trend and hit a new high.