Mike Novogratz has admitted that his previous prediction of Bitcoin reaching $150,000 by 2025 was inaccurate. The Galaxy Digital CEO described the current market as a 'cortisol' bear, characterized by anxiety and pessimism, contrasting with the previous 'testosterone' bull phase. The October flash crash has disrupted momentum, leaving Bitcoin in a volatile sideways range. Novogratz noted that while breaking above $100,000 could potentially trigger a rally, the presence of bullish options sellers is currently hindering upward movement. Despite the missed price target, he remains optimistic about the future, citing potential in new banking and tokenization infrastructure developments.