Mike Novogratz, the CEO of Galaxy Digital, believes that Bitcoin could reach six figures this year if it manages to surpass the $73,000 level and hold it as support. In a recent interview with Bloomberg Television, Novogratz expressed his optimism about Bitcoin hitting $100,000 before the end of 2024. He explained that markets tend to create ranges and when the top of the range is broken, there is potential for a significant price increase. With the range for Bitcoin previously ranging from $40,000 to $70,000, Novogratz anticipates a move from $70,000 to $100,000.
Additionally, Novogratz mentioned that there are signs that more regulatory clarity regarding cryptocurrencies will be coming out of Washington, D.C. He highlighted that there is growing bipartisan support for crypto legislation and that recent developments have been positive in pushing Democrats forward on the issue. This shift in attitude towards crypto regulation could act as a tailwind for Bitcoin, as it opens the door for institutions like Bank of New York, State Street, Goldman Sachs, and Citibank to get involved in custody, sales, and trading of cryptocurrencies.
As of the time of writing, Bitcoin is trading at $71,021, showing little change over the past 24 hours. Novogratz’s bullish outlook is based on the potential for Bitcoin to break key resistance levels and attract more institutional money into the market. He believes that if Bitcoin can surpass $73,000 in the near future, it could pave the way for a continued upward trend towards $100,000. This optimism is also fueled by the prospect of increased regulatory clarity, which would provide a more stable environment for crypto investments.
In conclusion, Novogratz’s prediction of Bitcoin reaching $100,000 by the end of 2024 hinges on the cryptocurrency overcoming the $73,000 barrier and maintaining it as a support level. With the possibility of more regulatory clarity coming out of Washington, D.C., there is growing confidence in the future of cryptocurrencies and their adoption by traditional financial institutions. As the market continues to evolve and attract more institutional interest, Bitcoin’s price could see significant growth in the coming years. Investors and enthusiasts are eagerly watching for key developments that could propel Bitcoin to new heights in the near future.
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