Michael Novogratz, founder and CEO of Galaxy Digital, predicted that Bitcoin could end the year at $100,000 or higher.
Speaking on “Bloomberg Crypto,” Novogratz discussed the current state of the cryptocurrency world and Bitcoin's growth potential.
Bitcoin is currently in touch with the $70,000 level, which is an important milestone for it. Novogratz believes the crypto world is tilted upward, with more growth potential than risk. He pointed out that the fact that crypto discussions have now become mainstream on platforms such as Bloomberg shows how far the industry has come since 2015.
Novogratz also noted the latest developments in crypto legislation. He noted that Washington DC has finally agreed in principle that crypto legislation should be implemented and regulated on a bipartisan level.
Bitcoin's popularity has been further fueled by the US government's inability to stop spending money. Novogratz mentioned the state of Wisconsin's pension fund's recent investment of approximately $140 million in Bitcoin. According to Novogratz, as more pension funds and institutions invest in Bitcoin and there are not too many sellers in the market, the price of Bitcoin is expected to rise.
Novogratz predicts that if Bitcoin surpasses the $73,000 level within the next week, it could end the year around $100,000 or higher. Novogratz explained that markets work by creating ranges, and when the top of the range is broken, there is usually a nice extension. According to the CEO, the current range for Bitcoin started around $40,000, so if it breaks $70,000, it could go as high as $100,000.
The approval of a spot Bitcoin ETF this year and the resulting inflows have raised questions about the next catalyst for Bitcoin to break $73,000 and reach Novogratz's year-end target of $100,000. Novogratz believes either greater regulatory clarity or the Fed starting to take action could trigger this.
*This is not investment advice.
