- Novogratz sees BTC topping $100K by end-2024.
Bitwise executive echoed Novogratz’s sentiment on the bullish impact of the US’s changing attitude on crypto.
As an experienced financial analyst, I believe Bitcoin (BTC) has a strong potential to surpass $100,000 by the end of 2024. Mike Novogratz, the founder and CEO of Galaxy Digital, shares this optimistic viewpoint, having identified regulatory clarity and the Fed’s moves as significant catalysts for BTC’s price breakout.
As a crypto investor, I’m excitedly anticipating that Bitcoin (BTC) might shatter its present price cap and reach an astounding $100,000 or more by the year-end in 2024, according to Mike Novogratz, the visionary founder and CEO of Galaxy Digital.
In a recent Bloomberg interview, Novogratz stated,
As a crypto investor, I believe that if I decide to sell my holdings for around $73,000 within the upcoming week or two, I can confidently expect to reach and surpass the $100,000 mark by year-end.
The price level of $73,000 marked a new peak reached in March and has restricted Bitcoin’s movement for several weeks.
Catalysts for Bitcoin’s range breakout
When questioned about reaching his $100,000 year-end prediction for Bitcoin (BTC) and potential factors that could push it beyond its March high, Novogratz identified two significant triggers: clear regulatory guidance and actions by the Federal Reserve.
On the regulatory front, Novogratz stated,
“Regulatory guidance is becoming more clear-cut, albeit not completely ideal. However, the current level of clarity is sufficient for many to understand that regulations are imminent.”
The executive mentioned that the rescinded SAB 121 proposal, initiated by the SEC, paves the way for institutions like Bank of New York and State Street to enter the crypto custody market.
The executive indicated that an increased number of institutions are expected to enter the Bitcoin market once legislation like the FIT 21 Act is passed, with notable players such as Goldman Sachs and City Bank potentially initiating Bitcoin sales and trading. According to Novogratz, [this could lead to a significant increase in institutional demand for Bitcoin].
‘As you bring in those institutions, huge money follows’
In spite of President Biden’s veto on the SAB 121 bill, the Novogratz remained optimistic about achieving regulatory clarity.
As a financial analyst, I would highlight that Matt Hougan, the Chief Investment Officer at Bitwise, underscores the shifting perspective on cryptocurrencies. He emphasizes this transition as an essential investment opportunity, referred to as ‘alpha.’
In simpler terms, the current market evaluation fails to account for the significance of Washington’s shifting stance on cryptocurrencies. Regardless of the veto, in my opinion, we ought to have reached new record highs by now.
As a researcher studying financial markets, I’d interpret Novogratz’s comments on the Federal Reserve’s potential actions as suggesting a possibility for an interest rate reduction prior to the year’s end. Such a move might fuel increased demand for riskier assets, like Bitcoin, leading to further price rallies.
At present, Bitcoin has surpassed $71,000 in value, yet the trading volume fails to justify a substantial price increase. Consequently, any short-term consolidation cannot be disregarded.
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2024-06-05 13:11