Could Novogratz’s Bitcoin prediction of $100K by 2024 actually happen?

• Expert Predicts BTC Will Soar to $100K by 2024!
• Positive Outlook on Crypto’s Future

Exciting news for crypto enthusiasts! According to Mike Novogratz, the CEO of Galaxy Digital, Bitcoin [BTC] may exceed $100,000 by the end of 2024. Get ready for a potential breakthrough!

In a recent Bloomberg interview, Novogratz expressed his optimistic forecast, stating,

“If we break $73K in the next week or so, we could see Bitcoin reaching $100,000 or even more by the end of the year.

The $73K milestone marks the recent high set in March, forming a price range that has kept BTC trading within a tight range for weeks.

Factors Driving Bitcoin’s Breakout

What could propel Bitcoin beyond its recent peak? Novogratz pointed to two key catalysts: regulatory clarity and the Federal Reserve’s actions.

Regarding regulations, Novogratz highlighted,

“We’re seeing more clarity in regulations. While not perfect, there’s enough to indicate that significant changes are on the horizon.”

He also mentioned the potential entry of major financial institutions like Bank of New York and State Street into crypto custody business, thanks to the overturned SAB 121 proposal.

Moreover, Novogratz noted that if the infrastructure bill – FIT 21 Act gets approval, institutions like Goldman Sachs and City Bank may start offering Bitcoin sales and trading, attracting substantial investment.

“When institutions join in, significant funds follow,”

Despite setbacks like Biden’s veto on SAB 121, Novogratz remains positive about the regulatory landscape’s future.

This view was echoed by Bitwise CIO Matt Hougan, who emphasized the evolving stance on crypto as a significant factor influencing market sentiment.

“The market hasn’t fully grasped the impact of Washington’s changing ways regarding crypto. We should be hitting all-time highs already,”

Discussing the Fed’s possible interest rate adjustment before year-end, Novogratz suggested that this move could further boost risk-on assets, including Bitcoin.

While BTC surged above $71K recently, the lack of substantial trading activity may lead to short-term consolidation, indicating the potential for further price fluctuations.