Mike Novogratz, the leader of Galaxy Digital, has recently changed his tune - the $150,000 Bitcoin target he touted last year now seems like a pipe dream. However, his candid admission of error is quite rare.

He used an interesting metaphor to describe the current market situation: this is a "cortisol" bear market. What does it mean? It means that traders are extremely anxious, completely dominated by fear, which is a stark contrast to the previous adrenaline-fueled, spirited bull market.

Why is the market looking so bad? Novogratz blamed the October flash crash - that wave really scared a lot of people. He expects Bitcoin to enter a consolidation phase soon, with fluctuations up and down but lacking direction.

The key question arises: for Bitcoin to regain a bullish momentum, it must overcome the hurdle of $100,000. However, the reality is that sellers of call options are firmly holding this price level, creating a significant pressure zone.

However, it is worth noting that even though the short-term market is stagnant, Novogratz still has confidence in the development of a new round of banking innovation and tokenized infrastructure. In other words, although he believes that now is not a good time to enter the market, the long-term logic is still intact.