According to industry heavyweight Mike Novogratz, Bitcoin (BTC) will be poised for a spectacular approach by 2024. In a recent interview with Bloomberg, Galaxy Digital’s CEO predicted prices would rise to $100,000 by the end of the year, driven by a confluence of factors.
Breaking barriers: $73,000 threshold
Novogratz’s projections are based on a key price point – $73,000. He believes that breaking above this resistance level in the coming weeks could have a domino effect, giving it momentum Bitcoin towards the coveted six-figure mark. His reasoning is based on the concept of “market ranges,” which suggests that once a top cryptocurrency trades above $70,000, psychological factors could push it further into the $100,000 territory.
Novogratz said:
“If we get $73,000 in the next few weeks, we’ll end the year at $100,000 or more.”
While Novogratz’s predictions paint a rosy picture for Bitcoin, it is critical to acknowledge the inherent volatility of the cryptocurrency market. Unforeseen events or market corrections can quickly derail even the most hopeful forecasts. Moreover, the regulatory landscape remains fluid and the final fate of bills such as FIT21 has not yet been decided.
BTCUSD trading at $70,935 on the weekly chart: TradingView.com
The FIT21 Act, also known as the 21st Century Financial Innovation and Technology Act, aims to establish a regulatory framework for crypto assets in the United States. The bill proposes to place the Commodity Futures Trading Commission (CFTC) as the primary regulatory authority for BTC and other cryptocurrencies that are considered commodities.
This approach would provide much-needed transparency to companies operating in the crypto space. However, the bill faces obstacles. It will have to navigate the Senate, which has a different political makeup than the House.
Bitcoin Rise: Balancing Act
The coming months will be a critical test for Bitcoin. Can it break the $73,000 barrier and maintain momentum towards $100,000? Will institutional appetite for ETFs continue to grow? And most importantly, will the regulatory environment evolve to support innovation while supporting stability? The answer to these questions will determine whether a digital asset reaches fresh heights or passes the test of reality.
Institutional investors are increasingly willing to apply Bitcoin through ETFs
Meanwhile, a key factor in Novogratz’s optimism is the recent launch of spot Bitcoin ETFs. These exchange-traded funds allow institutional investors to gain exposure to Bitcoin without having to own the cryptocurrency directly.
This newfound availability has sparked a buying frenzy, with Novogratz citing approximately $60 billion in inflows into these funds. This surge in institutional demand has clearly pushed the price higher, further strengthening the bullish sentiment.
Featured image from Finshots, chart from TradingView
