The CEO of Galaxy Digital, a crypto investment firm, predicts that Bitcoin could reach six figures this year if a crucial event occurs soon. During a recent interview on Bloomberg Television, Mike Novogratz stated that if Bitcoin manages to establish $73,000 as a support level, he anticipates the leading cryptocurrency to hit $100,000 before the end of 2024.

Novogratz explained, “If we see Bitcoin surpass $73,000 in the coming week, we could see it reach $100,000 by the end of the year, or even higher. Markets tend to create ranges, and when those ranges are broken, there is often a significant upward trend. If the range was between $40,000 and $70,000, breaking $70,000 could lead to $100,000. It’s a feasible target.”

He also expressed optimism about the potential for increased regulatory clarity regarding cryptocurrencies emerging from Washington, D.C., which could benefit Bitcoin. Novogratz stated, “Washington, D.C. has finally reached a consensus that crypto legislation is necessary and should be a bipartisan effort. While there are still some dissenters, recent weeks have shown positive progress among Democrats, who are keen on avoiding politicizing the issue. This shift from a headwind to a tailwind is significant. Though not yet fully favorable, we are moving towards regulatory clarity. This awareness is crucial because overturning bills like SAB 121 would pave the way for major financial institutions like Bank of New York and State Street to enter the custody space. Similarly, the approval of bills like FIT21 would enable institutions like Goldman Sachs and Citibank to engage in sales and trading activities, attracting significant capital.”

At the time of writing, Bitcoin is trading at $71,021, with minimal changes in the past 24 hours. Stay tuned for more updates by subscribing to receive email alerts directly to your inbox and following us on social media platforms.

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