Billionaire Bitcoin Advocate Novogratz: “Bitcoin Could Reach $100,000 by Year-End if it Surpasses This Level Next Week”
Renowned billionaire and Bitcoin supporter, Mike Novogratz, shared his predictions for the future price of Bitcoin in a recent statement.
Novogratz, who is the founder and CEO of Galaxy Digital, spoke about the current state of the cryptocurrency market and the potential for Bitcoin’s growth during an interview on “Bloomberg Crypto.”
At present, Bitcoin is hovering around the $70,000 mark, which is a significant milestone. Novogratz believes that the crypto industry is on an upward trajectory, with more room for growth than risk. He highlighted the fact that crypto discussions have become mainstream on platforms like Bloomberg, indicating how far the industry has come since 2015.
Novogratz also touched upon recent developments in crypto regulation. He noted that there is now a bipartisan consensus in Washington DC that crypto legislation should be implemented and regulated.
The popularity of Bitcoin has been further fueled by the US government’s excessive spending. Novogratz mentioned the recent investment of approximately $140 million in Bitcoin by the Wisconsin state pension fund. He expects the price of Bitcoin to rise as more pension funds and institutions invest in it, and the market has a limited number of sellers.
Novogratz predicts that if Bitcoin surpasses the $73,000 level within the next week, it could potentially reach $100,000 or even higher by the end of the year. He explained that markets typically work within certain ranges, and when the upper limit of a range is broken, there is usually a significant extension. According to Novogratz, the current range for Bitcoin started around $40,000, so breaking $70,000 could propel it to $100,000.
The approval of a spot Bitcoin exchange-traded fund (ETF) and the resulting inflows have raised questions about the next catalyst for Bitcoin to break the $73,000 barrier and reach Novogratz’s year-end target of $100,000. Novogratz believes that greater regulatory clarity or action from the Federal Reserve could trigger this.
*This article does not provide investment advice.
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