- Michael Novogratz has reiterated his bullish stance on Bitcoin, predicting a price of $100k by the end of 2024.
- Regulatory clarity is expected to be the next big driver for Bitcoin to break through new price levels.
- Financial institutions’ participation in the cryptocurrency market is becoming more feasible with regulatory advancements.
Galaxy Digital CEO Michael Novogratz has reiterated his bullish stance on Bitcoin, predicting a price of $100,000 by the end of 2024.
In an interview with Bloomberg on Tuesday, Novogratz pointed to several catalysts driving his optimism.
NEW: @galaxyhq CEO @novogratz SAYS $BTC COULD END THE YEAR AT $100K OR HIGHER IF IT TAKES OUT $73K IN THE NEXT WEEK OR SO
— DEGEN NEWS 🗞️ (@DegenerateNews) June 4, 2024
Regulatory Tailwinds And Increased Institutional Adoption
Novogratz sees positive developments in the regulatory landscape as a key factor.
“D.C. has finally agreed in principle that crypto legislation has to happen,” he stated, highlighting the shift towards bipartisan support.
He also emphasizes the growing interest from institutional investors like pension funds, suggesting a limited supply of sellers and increased buying pressure.
“We’re getting skewed to the upside,” he said.
Breaking $73,000: A Stepping Stone To Six Figures?
Novogratz believes surpassing the current resistance level of $73,000 will be a critical step for Bitcoin (BTC).
“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,” he predicted.
He sees this move as a natural market extension, building on the previous range of $40,000 to $70,000.
Regulation And Infrastructure: The Next Catalysts?
When pressed about potential triggers for further price increases, Novogratz pointed to two key areas: further regulatory clarity and increased involvement from traditional financial institutions.
“We’re getting the regulatory clarity,” he stated, referencing recent legislative developments like the potential overturning of the S.121 bill.
This, he believes, would pave the way for major banks like State Street and Bank of New York to enter the crypto custody market.
The Future Of Digital Assets: Navigating A Bullish Market
With Bitcoin seemingly poised for continued growth, staying informed remains crucial for investors.
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