Bitcoin (BTC) is expected to have a remarkable finish to 2024, as predicted by industry expert Mike Novogratz. In a recent interview with Bloomberg, the CEO of Galaxy Digital forecasted a price surge to $100,000 by the end of the year, driven by a combination of factors.
Breaking Through Barriers: The $73,000 Threshold
Novogratz’s forecast relies on a critical price point – $73,000. He believes that surpassing this resistance level in the upcoming weeks could initiate a chain reaction, pushing Bitcoin towards the coveted six-digit mark. His rationale is based on the concept of “market ranges,” suggesting that once the leading cryptocurrency establishes a strong position above $70,000, psychological factors could drive it further into the $100,000 range.
Novogratz stated:
“If we reach $73,000 in the next couple of weeks or so, we are likely to end the year at $100,000 or higher.”
While Novogratz’s outlook paints a positive picture for Bitcoin, it’s important to recognize the inherent volatility of the cryptocurrency market. Unexpected events or market adjustments can quickly derail even the most optimistic forecasts. Additionally, the regulatory landscape is fluid, and the final outcome of bills like FIT21 is yet to be determined.
BTCUSD trading at $70,935 on the weekly chart: TradingView.com
The FIT21 bill, also known as the Financial Innovation and Technology for the 21st Century Act, aims to establish a regulatory framework for crypto assets in the United States. The bill proposes assigning the Commodity Futures Trading Commission (CFTC) as the primary regulator for BTC and other cryptocurrencies classified as commodities.
While this approach could bring much-needed clarity for businesses in the crypto sector, the bill faces obstacles as it moves through the Senate, which has a different political makeup than the House.
Bitcoin’s Journey: A Balancing Act
The upcoming months will be a critical period for Bitcoin. Can it break past the $73,000 barrier and maintain its momentum towards $100,000? Will institutional interest in ETFs continue to rise? And most importantly, will regulatory developments support innovation while ensuring stability? The answers to these questions will determine whether the digital asset rises to new heights or faces a reality check.
Institutional Investors Embrace Bitcoin Through ETFs
Another reason for Novogratz’s optimism is the recent introduction of spot Bitcoin ETFs. These exchange-traded funds allow institutional investors to participate in Bitcoin without the complexities of directly owning the cryptocurrency.
This increased accessibility has sparked significant interest, with around $60 billion flowing into these funds, as noted by Novogratz. The surge in institutional demand has visibly driven the price higher, reinforcing the bullish sentiment.
Featured image from Finshots, chart from TradingView
