The chief executive of crypto investment firm Galaxy Digital says that Bitcoin (BTC) could hit six figures this year if one key event occurs soon.
In a new interview with Bloomberg Television, Mike Novogratz says that if Bitcoin flips the $73,000 level into support he expects the king crypto to reach $100,000 before the end of 2024.
“If we take out the $73,000 in the next week or so we’re going to end the year at $100,000, somewhere around there or even higher. Markets create ranges. When the top of the range breaks, you have a nice extension. And so if the bottom of that range started around $40,000, so $40,000 to $70,000, this $70,000 goes to $100,000. And so that’s a good enough target.”
Novogratz also says that there is reason to believe more crypto regulatory clarity will be coming out of Washington, D.C., which could act as a tailwind for Bitcoin.
“D.C. has finally agreed in principle that crypto legislation has to happen, that it should be bipartisan. We still have a couple holdouts, but the last few weeks have been unbelievably positive in pushing the Democrats forward. They don’t want it to be a political issue. And so that which was a headwind is becoming a tailwind. It’s not a full tailwind yet…
We’re getting the regulatory clarity. And even though it’s not perfect, we got enough that people now realize this is coming. And why is that important? And what does it mean? So if SAB 121, this arcane accounting bill, in time gets overturned, it allows Bank of New York and State Street and others to get into custody. If the infrastructure bill, FIT21 bill, gets approved that allows Goldman Sachs and Citibank and all these other people to start doing sales and trading. And so as you bring those institutions in huge money follows.”
Bitcoin is trading for $71,021 at time of writing, nearly unchanged in the last 24 hours.
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