Mike Novogratz has highlighted the significant buying and selling pressure preventing Bitcoin from surpassing the $100,000 mark. He identified this level as a key resistance point, attributing recent price dips to forced selling and stop-loss triggers. Novogratz anticipates a period of sideways trading for Bitcoin, despite the growing interest in altcoins. He cautioned that even with potential rate cuts and clearer regulatory frameworks, the necessary infrastructure for sustained growth will take time to develop.