Galaxy Digital CEO Mike Novogratz predicts that the Bitcoin price will reach $100,000 by the end of 2024. This optimistic forecast is based on several key factors, Novogratz said in an interview with Bloomberg. He drew attention to the possibility of Bitcoin closing 2024 at a high value. According to him, this momentum can be gained as Bitcoin surpasses the $73,000 resistance level.
Bitcoin Will Rise Soon
Novogratz thinks that once Bitcoin establishes a solid foothold above $70,000, market psychology and other factors could fuel further gains. However, he warns that due to the inherent volatility of the cryptocurrency market, unforeseen events or market corrections could change the course of Bitcoin price.
He also emphasizes that bills aimed at creating a regulatory framework for crypto assets in the US are also important. Passage of bills like FIT21 could bring clarity to markets and support Bitcoin's future growth.
$100,000 Milestone for Bitcoin
Currently, Bitcoin is trading around $70,935, which suggests it is close to the $73,000 target. The ability to surpass this level and maintain momentum will be a critical factor in determining whether Bitcoin can reach the $100,000 target by the end of the year.
Institutional interest has also played a significant role in Bitcoin's recent price movements. The launch of spot Bitcoin ETFs made it easier for institutional investors to invest in Bitcoin, with approximately $60 billion inflows into these funds. This increase in institutional demand has increased confidence in Bitcoin's potential. However, Bitcoin's future trajectory will depend not only on market dynamics but also on regulatory developments.
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