Galaxy Digital CEO Mike Novogratz is predicting that Bitcoin (BTC) will end 2024 much higher than its current value.
In a new interview with CNBC, the early crypto investor who bought Ethereum (ETH) around $1 says that increased adoption through the newly launched spot BTC exchange-traded funds (ETFs) may continue to fuel Bitcoin’s bullish momentum this year.
Says Novogratz,
“The ETF buyers, in general, that are coming through these RIA (registered investment advisor) channels, I think are taking supply off the market. So I still see Bitcoin ending the year a lot higher. That said, could we consolidate around here for a little while? Of course, we could.”
He believes that Bitcoin could reach six figures this year if the Federal Reserve begins cutting rates.
“When markets get new buyers and start breaking out, it’s hard to have a price prediction. I do think we will test the old highs in a relatively short period of time. And if you take out $69,000– usually you don’t go right through the first time. You’ll touch them and you’ll come all the way back and you’ll be mad you didn’t sell something and then it takes off again. But once you break $69,000, listen, it could measure to $150,000, $125,000. What would have to happen, the Fed finally pivots and starts cutting rates.”
Bitcoin is trading for $51,205, up more than 18% in the past two weeks but mostly unchanged in the past week.
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox