- Novogratz expects BTC to reach the $100,000 mark by the end of 2024.
- Bitwise executives echoed Novogratz’s sentiment on the bullish impact of the US’s changing attitude towards crypto.
Bitcoin [BTC] could rise above its current range and reach $100,000 or more by the end of 2024, according to Galaxy Digital founder and CEO Mike Novogratz.
In a recent Bloomberg interview, Novogratz said declared,
“If we reach $73,000 next week, we will end the year at $100,000 or even higher.”
The $73,000 hurdle is the recent high hit in March. It was part of the price range that capped BTC for weeks.
Catalysts for Bitcoin’s breakthrough
When asked what could push BTC above its March high and reach its year-end target of $100,000, Novogratz cited two major catalysts: regulatory clarity and Fed moves.
On the regulatory front, Novogratz stated:
“We are getting clarity in terms of regulations. Even if it’s not perfect, we have enough that people are now realizing this is coming.”
The executive added that the quashed SAB 121, which was proposed by the SEC, would allow the Bank of New York, State Street and others to enter the crypto custody business.
Additionally, the executive said more institutions will also jump into Bitcoin as Goldman Sachs, City Bank and others will start doing BTC sales and trading as the infrastructure bill – FIT 21 law has been approved. According to Novogratz,
‘If you bring in those institutions, a lot of money will follow’
Despite Biden’s veto regarding SAB 121, de Novogratz maintained a positive outlook for regulatory clarity.
The above catalyst was highlighted by Bitwise CIO Matt Hougan, who reiterated that the changing attitude towards crypto is a ‘alpha,’
‘The market underestimates the impact of Washington’s changing attitude towards crypto. Despite the veto, in my opinion we should already be at the highest level ever.’
Following the Fed’s lead, Novogratz hinted at a possible rate cut before the end of the year. This could further attract risky assets including BTC.
Meanwhile, BTC was above $71,000 at the time of writing, but there was no significant trading volume that could push it higher. This meant that a new consolidation could not be reversed in the short term.
