In a recent interview with Bloomberg Television, Michael Novogratz, CEO of Galaxy Digital, made a bold Bitcoin price prediction, suggesting that the cryptocurrency could soar to $100,000 by year-end.
He bases this prediction on a swift anticipated rise to $73,000 in the coming weeks, driven by positive developments in the U.S. political landscape for digital assets.
This surge would not only reclaim Bitcoin’s near all-time high but could set a new benchmark for its market value.
Potential $100,000 Bitcoin Price by Year-End Predicted by Michael Novogratz
Michael Novogratz, the CEO of Galaxy Digital, posits that Bitcoin could potentially reach a landmark price of $100,000 by the end of this year. In an interview with Bloomberg Television on Tuesday, Novogratz suggested that a swift rise to $73,000 soon could pave the way for Bitcoin to achieve or even surpass the $100,000 mark by year’s end.
He considers this goal achievable in light of the current market dynamics and recent positive shifts in the U.S. political landscape regarding digital assets.
As of now, Bitcoin’s performance has been inching closer to previous highs. On Tuesday, it rose to $71,005, marking its highest point in about two weeks. This surge represents a 2.8% increase, drawing nearer to its all-time high of $73,798 recorded in March.
The increasing momentum for cryptocurrencies is further supported by several developments. Notably, the U.S. Securities and Exchange Commission (SEC) is progressing towards approving ETFs that would invest directly in Ether, signalling a wider acceptance of digital currencies.
Galaxy Digital's founder and CEO Michael Novogratz says Bitcoin could end the year at $100,000 or higher https://t.co/8sFn4zI28h pic.twitter.com/kGJum91k1U
— Bloomberg Crypto (@crypto) June 4, 2024
Political engagement is also on the rise, with significant political donations flowing to pro-crypto candidates and presidential contenders expressing their views on cryptocurrency policies.
Novogratz expressed optimism, stating:
“We are getting skewed to the upside. We kind of got to the finish line. DC has finally agreed in principle that crypto legislation has to happen, and that should be bipartisan.”
This sentiment underscores a significant shift towards favorable crypto regulation.
Despite challenges such as President Joe Biden’s veto against a resolution that would have eliminated SEC guidance deemed restrictive for the crypto industry, the landscape is becoming clearer. The controversial SEC staff accounting bulletin No. 121 has been criticized by banks for hampering their ability to expand digital asset services due to high costs.
Nonetheless, these developments collectively suggest an improving regulatory environment that could enhance Bitcoin’s appeal and stability as an investment.
Bitcoin Price Prediction: June 5, 2024
Bitcoin (BTC) is trading at $71,000, up 0.48% on the four-hour chart. However, Bitcoin price prediction remains bearish as long as BTC manages to navigate over a crucial technical landscape with a pivot point at $70,600. Key resistance levels are found at $71,350, $71,950, and $72,600, while immediate support levels are at $69,700, $68,750, and $67,600.
Technical indicators suggest a potential correction. The Relative Strength Index (RSI) is at 70, indicating overbought conditions. The 50-Day Exponential Moving Average (EMA) is positioned at $68,800, providing a significant support level.
Bitcoin recently broke out of an asymmetrical triangle pattern, surpassing the major hurdle at $70,000 and making a bullish move. However, it is now facing major resistance around $71,500. The formation of candles below this level could signal a bearish correction, especially with the RSI indicating buyer exhaustion.
A break below $70,600 could drive the price down to $69,600 or lower. Conversely, staying above this level strengthens the likelihood of a continued bullish trend.
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