4 catalysts for Bitcoin's next big rally

1. Rate cuts

Investors are focused on the prospect of a rate cut by the Federal Reserve, anticipating that the stock market could rise as a result. The same is true for Bitcoin, which acts like a speculative asset that appreciates when borrowing costs are low.

2. Regulatory shifts

The cryptocurrency community is also seeking consistency in regulation, which has often proved to be a hurdle for Bitcoin. For example, the Securities and Exchange Commission (SEC) lost a case before it finally approved a spot ETF.

3. U.S. election in November

But Novogratz said the real regulatory clarity will come after the presidential election. He pointed to candidate Donald Trump's growing support for the industry, in stark contrast to President Biden's policies.

4. Expanded uses

As people's perception of Bitcoin changes, the cryptocurrency itself is also undergoing a kind of reshaping.