"This has been a wild ride of an asset," he added, noting that we're in price discovery mode and if you look at the charts, $100,000 could be a bitcoin price target.

'I Think That's the New Floor'

Galaxy Digital CEO Mike Novogratz discussed the possibility of a significant bitcoin price correction, similar to past market cycles, in an interview with CNBC on Wednesday.

Novogratz explained that as long as there's a net inflow into nine U.S. spot bitcoin exchange-traded funds (ETFs), the price of BTC "is going to keep grinding higher." He added that once we have a net outflow from the nine spot bitcoin ETFs, "you'll see the first real correction, and so I think, right now, every trader is watching" spot bitcoin ETF inflows. "Of course, there's lots of other inflows and outflows in the bitcoin universe but right now that's got the Zeitgeist of what people are making their trading decisions off of."

While emphasizing that "Things are frothy, funding rates are high, and so in times like this, you always have to be ready for a correction," Novogratz opined:

I don't think we go back below $50,000 – $55,000. I think that's the new floor unless something dramatic happens.

The nine spot bitcoin ETFs which traders are watching are Blackrock's Ishares Bitcoin Trust (IBIT), Fidelity Wise Origin Bitcoin Fund (FBTC), Ark 21shares Bitcoin ETF (ARKB), Bitwise Bitcoin ETF (BITB), Invesco Galaxy Bitcoin ETF (BTCO), Wisdomtree Bitcoin ETF (BTCW), Vaneck Bitcoin Trust ETF (HODL), Franklin Bitcoin ETF (EZBC),and Valkyrie Bitcoin ETF (BRRR).