In a recent interview, Mike Novogratz, CEO of Galaxy Digital, expressed his bullish outlook on Bitcoin, projecting a price of $100,000 by the end of 2024. However, there are different reasons why Novogratz seems sure of this prediction, and these reasons include positive developments in regulation and an increase in institutional adoption.
Novogratz spoke of growing bipartisan support for crypto legislation in Washington saying; “D.C. has finally agreed in principle that crypto legislation has to happen.” With this change of sentiment combined with the increased interest from pension funds and other institutional investors, this means that there are limited sellers and high purchasing pressure hence “skewing the market to the upside” as per Novogratz.
The Galaxy Digital CEO also stressed the importance of Bitcoin breaking its current resistance level which is currently at $73k, stating, “If we take out $73,000 in the next week or so, we’re going to end the year at $100,000 or even higher.” For him, this move is just a natural market extension from where we were with a range of $40k-$70k before.
Novogratz further points out two main areas when asked about possible triggers for further price hikes, he mentioned more regulatory clarity and greater involvement of traditional financial institutions. He referenced recent legislative developments, such as the potential overturning of the S.121 bill, which would pave the way for major banks like State Street and Bank of New York to enter the crypto custody market.
Also Read: Bitcoin’s Price Touches $71,000, Shorts Liquidated
