Mike Novogratz, CEO of Galaxy Digital, has predicted that Bitcoin will reach $100,000 at the end of the year. This prediction comes as the price crosses $70,000 with bulls trying to reach an all-time high following the approval of Bitcoin exchange-traded funds. As most analysts and executives see it, cryptocurrency regulations in the US are important for stimulating growth.
Mike Novogratz points to a BTC price of $100,000
at recent days Bloomberg In the interview, Mike Novogratz explained that if the price of the asset rises to $73,000 next week, it could rise to $100,000 at the end of the year. According to him, markets create ranges and since the price of the asset has reached $70,000, it falls within the price range of $100,000.
“… If we get $73,000 for the next week or so, we’ll end the year at $100,000, somewhere near that or higher. Markets create ranges…
The approval of spot bitcoin ETFs this year has sent the price of the asset soaring. Inflows into these funds stand at around $60 billion as institutional investors increase their appetite for Bitcoin. As the uptrend grows stronger, the bulls enjoy mass accumulation from institutions.
Moreover, recent events point to the company’s increasing adoption of the market leader and its positive macroeconomic outlook. Novogratz, what used to be a headwind is now a tailwind. Institutional companies increasing their exposure to Bitcoin through ETFs is a positive indicator that further accumulation is occurring.
Crypto regulation to drive the market
In recent weeks, cryptocurrency regulations have dominated the industry as executives seek to clarify rules to boost investment. Novogratz and other cryptocurrency executives praised the emerging bipartisan support it has received FIT21 bill. The bill, which seeks to create an atmosphere of regulation, passed the House of Representatives and now faces its fate in the US Senate.
However, Saab 121 Which was invalidated by the Senate, vetoed by Joe Biden. The move has drawn criticism from the cryptocurrency community among users eyeing the financial innovation bill. Novogratz added that the market is getting regulatory clarity despite some hurdles.
Read also: Bitcoin (BTC) is at $70,000, and here’s why