Billionaire Galaxy Digital CEO Mike Novogratz just revealed his Bitcoin price forecast for the end of the year – warning those who expect an explosive all-time high to be cautious.
In a new interview with CNBC, Novogratz says he believes BTC will land between $100,000 and $125,000.
[adinserter block="1"]“Bitcoin got to $125,000 and we’ve had a real consolidation since then. The big deleveraging that happened a week ago, that’s not good for markets.
It wiped out a lot of market makers and means less liquidity. You can see yesterday, we were down and then up 4% and then right back down. So there’s a little less liquidity in the market. It took a lot of retail leverage out of the system. The good news is we’re less leveraged. The bad news is when Humpty Dumpty breaks, he doesn’t get put together right away.”
In the short term, Novogratz says the market likely needs time to recalibrate.
“It takes a few weeks and sometimes months even for markets to heal itself and regain narrative and regain momentum. I don’t think anything fundamentally has changed in the crypto story.
Our government continues to spend way more money than they should, and I think as long as the debasement of fiat currencies goes on, crypto is going to be seen and Bitcoin’s going to be seen.”
Novogratz says crypto is searching for its next narrative, which could come in the form of the market structure bill making its way through Congress.
And although it’s not his base case, Novogratz says BTC could move to new highs by year end if one or two catalysts materialize.
“We could take out the top side if the president prematurely makes a move on the Fed, which they could target that easily by the end of the year. And if this bill gets passed, those are the two kind of catalysts I see.”
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