The CEO of Galaxy Digital, a cryptocurrency investment company, predicts that Bitcoin could reach six figures this year if a crucial event unfolds. In a recent interview with Bloomberg Television, Mike Novogratz stated that if Bitcoin establishes $73,000 as a solid support level, he anticipates the leading cryptocurrency to hit $100,000 by the end of 2024.

Novogratz explained, “If we break through $73,000 in the next week or so, we could see Bitcoin closing the year at $100,000 or possibly even higher. Markets tend to create ranges, and when the upper limit of that range is breached, there is significant potential for extension. Starting from a range of $40,000 to $70,000, surpassing $70,000 could lead us to $100,000. It’s a reasonable target.”

Furthermore, Novogratz expressed optimism that there will be more clarity on cryptocurrency regulations from Washington, D.C., which could benefit Bitcoin in the future. He noted, “Washington has finally reached an agreement in principle on the necessity of crypto legislation, emphasizing the bipartisan nature of the issue. While there are still a few holdouts, recent weeks have shown positive momentum, especially within the Democratic party. They are working to ensure it is not a political matter, which is now turning into a positive force. While it’s not entirely favorable yet…”

Novogratz highlighted the importance of regulatory clarity, mentioning the potential impact on institutional involvement in the crypto space. He explained, “Regulatory clarity is crucial. Even though it’s not perfect, the progress made so far indicates that significant changes are on the horizon. For instance, if SAB 121, an accounting regulation, is overturned, it will allow major financial institutions like Bank of New York and State Street to enter the custody space. Similarly, the approval of the FIT21 bill would enable institutions like Goldman Sachs and Citibank to engage in sales and trading. The entry of these institutions could attract substantial investments.”

At the time of writing, Bitcoin is trading at $71,021, showing minimal change in the last 24 hours. Stay updated with the latest news by subscribing to receive email alerts directly to your inbox.

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