Prominent figure in the cryptocurrency world, Michael Novogratz, reiterated his expectation for a strong rise in Bitcoin (BTC) during his latest interview with Fox Business, stating that he expects the crypto king to reach $100,000 by next year. Novogratz’s prediction comes at a time when Bitcoin has been making rapid ascents to new highs.
Novogratz Expects Price Consolidation Before Strong Rise
Novogratz expects Bitcoin to consolidate for a while between $58,000 and $69,000 before making stronger upward moves. He highlighted the growing momentum in US spot Bitcoin exchange-traded funds (ETFs) as a significant driving force for this growth, noting that the largest cryptocurrency’s upward momentum is gaining strength each day.
In an interview with Bloomberg six days ago, Novogratz expressed caution about the current state of cryptocurrencies, describing it as “overly frothy.” He added that the market is entering an unprecedented phase of price discovery driven by a new wave of investors, including baby boomers. He also warned about potential corrections and consolidations, facing a complex and uncertain outlook for Bitcoin and altcoins.
Current State of Bitcoin
Bitcoin’s recent surge to its all-time high has resonated worldwide. The largest cryptocurrency broke its record in November 2021 by surpassing $69,200, the highest level ever recorded.
This rise in price, fueled by increased adoption by institutional investors and a general bullish sentiment in the cryptocurrency market, pushed Bitcoin’s market value over $1.3 trillion.
After recently setting a new record, Bitcoin experienced a sharp decline, falling to $60,000. Following this pullback, Bitcoin has quickly recovered and is currently trading around $67,000.
