The CEO of Galaxy Digital, a crypto investment firm, predicts that Bitcoin (BTC) could reach six figures this year if a crucial event occurs soon. Mike Novogratz shared in an interview with Bloomberg Television that if Bitcoin surpasses the $73,000 level and maintains it as support, he anticipates the leading cryptocurrency to hit $100,000 by the end of 2024.
Novogratz explained, “If we break through $73,000 in the next week or so, we could see Bitcoin ending the year at $100,000 or even higher. Markets tend to create ranges, and when the upper limit is breached, there is room for significant growth. If the range started from $40,000 to $70,000, then breaking $70,000 could lead us to $100,000. This makes for a promising target.”
Furthermore, Novogratz expressed optimism that there will be more clarity on crypto regulations coming from Washington, D.C., which could positively impact Bitcoin. He mentioned, “There is growing agreement in D.C. that crypto legislation is necessary and should be bipartisan. Recent weeks have shown progress in pushing Democrats forward on this issue. Regulatory clarity is key, as it paves the way for institutional players like Bank of New York and State Street to enter the custody space. Approval of bills like FIT21 will also enable major financial institutions like Goldman Sachs and Citibank to engage in sales and trading, attracting significant capital.”
As of the time of writing, Bitcoin is trading at $71,021, showing minimal change in the last 24 hours. Novogratz’s insights suggest a potential bullish trend if key levels are breached, accompanied by regulatory clarity from lawmakers.
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