$100,000 Bitcoin: Hype Or Happening? CEO Makes Bold Prediction


Bitcoin
(BTC)
is
poised
for
a
spectacular
close
to
2024,
according
to
industry
heavyweight
Mike
Novogratz.
In
a
recent

interview
with
Bloomberg,
the
Galaxy
Digital
CEO
forecasted
a
price
surge
to
$100,000
by
year-end,
fueled
by
a
confluence
of
factors.


Breaking
Through
Barriers:
The
$73,000
Threshold

Novogratz’s
prediction
hinges
on
a
crucial
price
point

$73,000.
He
believes
surpassing
this
resistance
level
in
the
coming
weeks
could
trigger
a
domino
effect,
propelling

How To Get Free Crypto  

Bitcoin
towards
the
coveted
six-figure
mark.
His
reasoning
draws
on
the
concept
of
“market
ranges,”
suggesting
that
once
the
top
crypto
establishes
a
foothold
above
$70,000,
psychological
factors
could
propel
it
further
into
the
$100,000
territory.

Novogratz
said:

“If
we
take
$73,000
in
the
next
couple
of
weeks
or
so,
we
are
going
to
end
the
year
at
$100,000
or
higher.”

While
Novogratz’s
prediction
paints
a
rosy
picture
for
Bitcoin,
it’s
crucial
to
acknowledge
the
inherent
volatility
of
the
cryptocurrency
market.
Unforeseen
events
or
market
corrections
can
quickly
derail
even
the
most
optimistic
forecasts.
Additionally,
the
regulatory
landscape
remains
fluid,
and
the
ultimate
fate
of
bills
like
FIT21
is
yet
to
be
determined.

BTCUSD trading at $70,935 on the weekly chart: TradingView.com

The
FIT21
bill,
also
known
as
the
Financial
Innovation
and
Technology
for
the
21st
Century
Act,
aims
to
establish
a
regulatory
framework
for
crypto
assets
in
the
United
States.
The
bill
proposes
placing
the
Commodity
Futures
Trading
Commission
(CFTC)
as
the
primary
regulator
for
BTC
and
other
cryptocurrencies
deemed
commodities.

This
approach
would
provide
much-needed
clarity
for
businesses
operating
in
the
crypto
space.
However,
the
bill
faces
hurdles.
It
will
need
to
navigate
the
Senate,
which
has
a
different
political
composition
than
the
House.

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Bitcoin’s
Ascent:
A
Balancing
Act

The
coming
months
will
be
a
critical
test
for
Bitcoin.
Can
it
break
through
the
$73,000
barrier
and
sustain
its
momentum
towards
$100,000?
Will
institutional
appetite
for
ETFs
continue
to
climb?
And
most
importantly,
will
the
regulatory
environment
evolve
to
nurture
innovation
while
fostering
stability?
The
answer
to
these
questions
will
determine
whether
the
digital
asset
ascends
to
new
heights
or
experiences
a
reality
check.


Institutional
Investors
Flock
To
Bitcoin
Via
ETFs

Meanwhile,
a
key
driver
behind
Novogratz’s
optimism
is
the
recent
launch
of
spot
Bitcoin
ETFs.
These
exchange-traded
funds
allow
institutional
investors
to
gain
exposure
to
Bitcoin
without
the
complexities
of
directly
holding
the
cryptocurrency.

This
newfound
accessibility
has
ignited
a
buying
frenzy,
with
Novogratz
citing
inflows
of
around
$60
billion
into
these
funds.
This
surge
in
institutional
demand
has
demonstrably
pushed
the
price
upwards,
further
bolstering
the
bullish
sentiment.


Featured
image
from
Finshots,
chart
from
TradingView

Go to Source
Author: Christian Encila


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