Bitcoin Could Reach $100K by 2024, Says Galaxy Digital CEO

As an analyst with a background in financial markets and experience in following the cryptocurrency space, I find Novogratz’s bullish outlook on Bitcoin compelling. His prediction of a price reaching $100,000 by the end of 2024 is not an unfounded assumption but rather one backed by positive developments in regulation and increasing institutional adoption.

In a recent interview, Mike Novogratz, the CEO of Galaxy Digital, shared his optimistic viewpoint on Bitcoin‘s future price, estimating it could reach $100,000 by the close of 2024. This confidence stems from several factors: regulatory advancements and growing institutional interest in cryptocurrencies.

Novogratz expressed optimism about the emerging bipartisan consensus in Washington for cryptocurrency regulation, stating, “Washington has come to recognize the necessity of crypto legislation.” This shift in attitude, coupled with escalating investment from pension funds and institutional investors, translates into a scarcity of sellers and robust buying demand, causing the market to “tilt positively,” according to Novogratz.

NEW: The CEO of Galaxy Digital, Mike Novogratz, predicts that Bitcoin could reach or even surpass $100,000 by the end of this year if it manages to break through the resistance level at $73,000 within the upcoming week.

— DEGEN NEWS 🗞️ (@DegenerateNews) June 4, 2024

As a researcher studying the cryptocurrency market, I’ve observed that the CEO of Galaxy Digital places significant emphasis on Bitcoin surpassing its current resistance level of $73,000 in the near future. He expresses his belief that if this milestone is reached within the next week or so, we can expect Bitcoin’s end-of-year value to exceed $100,000, potentially even reaching higher levels. This perspective comes from his observation of the market trend, which previously ranged between $40,000 and $70,000.

As a crypto investor, I’m always on the lookout for factors that could potentially drive up the price of my digital assets. According to Novogratz, there are two key areas worth watching: regulatory clarity and increased participation from traditional financial institutions. He specifically mentioned recent legislative developments, such as the potential overturning of S.121 bill, which could open the door for major banks like State Street and Bank of New York to enter the crypto custody market. This would be a significant development, as these institutions have enormous resources and influence in the financial world. If they were to embrace crypto, it could lead to increased institutional investment and, in turn, higher prices.

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2024-06-05 02:13