Bitcoin (BTC) is poised for a spectacular end by 2024, according to industry heavyweight Mike Novogratz. In a recent interview with Bloomberg, Galaxy Digital’s CEO predicted a price hike to $100,000 by the end of the year, fueled by a confluence of factors.
Overcoming the barriers: the $73,000 threshold
Novogratz’s prediction relies on a crucial price: $73,000. He believes that breaking this resistance level in the coming weeks could trigger a domino effect, propelling Bitcoin towards the coveted six-figure mark. His reasoning draws on the concept of “market ranges,” which suggests that once the top cryptocurrency gains a foothold above $70,000, psychological factors could propel it further down the line. the $100,000 zone.
Novogratz said:
“If we take $73,000 in the next few weeks, we will end the year at $100,000 or more.”
Although Novogratz’s prediction paints a rosy picture for Bitcoin, it is crucial to recognize the volatility inherent in the cryptocurrency market. Unforeseen events or market corrections can quickly derail even the most optimistic forecasts. Additionally, the regulatory landscape remains fluid and the ultimate fate of bills like FIT21 has yet to be determined.
BTCUSD trading at $70,935 on the weekly chart: TradingView.com
The FIT21 bill, also known as the Financial Innovation and Technology for the 21st Century Act, aims to establish a regulatory framework for crypto assets in the United States. The bill proposes to place the Commodity Futures Trading Commission (CFTC) as the primary regulator of BTC and other cryptocurrencies considered commodities.
This approach would bring much-needed clarity to businesses operating in the crypto space. However, the bill faces obstacles. He will have to navigate within the Senate, whose political composition is different from that of the House.
The rise of Bitcoin: a balancing act
The coming months will be a critical test for Bitcoin. Can it break through the $73,000 mark and maintain its momentum towards $100,000? Will institutional appetite for ETFs continue to grow? And above all, will the regulatory environment evolve to encourage innovation while promoting stability? The answer to these questions will determine whether the digital asset hits new highs or faces a reality check.
Institutional investors flock to Bitcoin via ETFs
Meanwhile, one of the main factors behind Novogratz’s optimism is the recent launch of spot Bitcoin ETFs. These exchange-traded funds allow institutional investors to gain exposure to Bitcoin without the complexities of owning the cryptocurrency directly.
This new accessibility has sparked a buying frenzy, with Novogratz citing inflows of around $60 billion into these funds. This surge in institutional demand has obviously pushed the price higher, further reinforcing the bullish sentiment.
Featured image from Finshots, chart from TradingView
