Galaxy Digital CEO Mike Novogratz stated that Bitcoin’s price will rise to $100,000 by the end of 2024. The famous CEO’s statement shows his hope that Bitcoin (BTC) will end 2024 at a high value. In a recent interview with Bloomberg, Novogratz mentioned several factors leading to this optimism. Let’s look at his statements.
Bitcoin Will Rise Soon
At the center of the famous CEO’s prediction is Bitcoin’s ability to surpass the $73,000 resistance level in the near term. He argues that overcoming this threshold could trigger momentum pushing Bitcoin towards six-figure numbers. This bullish outlook is supported by market psychology, suggesting that once Bitcoin establishes a strong foothold above $70,000, psychological factors could drive further gains.
Novogratz’s optimistic approach also comes with a warning. That is the inherent volatility of the cryptocurrency market. Despite promising indicators, unforeseen events or market corrections could alter Bitcoin’s trajectory.
Additionally, regulatory developments such as bills like FIT21, which aim to establish a regulatory framework for crypto assets in the US, remain important. The bill proposes designating the Commodity Futures Trading Commission (CFTC) as the primary regulator for cryptocurrencies categorized as commodities, aiming to bring clarity to the market.
The $100,000 Milestone for Bitcoin
As of now, Bitcoin is trading around $70,935, indicating its proximity to the critical $73,000 target that Novogratz considers very important. The ability to surpass this level and maintain momentum will be crucial in determining whether Bitcoin can reach the $100,000 milestone by the end of the year.
Notably, institutional interest through the launch of spot Bitcoin ETFs has been a significant driver of recent price movements. These ETFs have facilitated market entry by allowing institutional investors to invest in Bitcoin without directly owning the cryptocurrency.
The launch of spot Bitcoin ETFs has led to significant inflows, with reports indicating around $60 billion entering these funds. This increase in institutional demand has significantly contributed to Bitcoin’s recent price rises and highlighted growing confidence in the cryptocurrency’s potential among institutional investors. However, Bitcoin’s future trajectory will depend not only on market dynamics but also on regulatory developments that could either support or hinder its growth.
