Michael Novogratz: Galaxy CEO Predicts Bitcoin Will Soar to “$100,000 or Higher” by Year End
Galaxy CEO Mike Novogratz. Photo by Marco Bello/Getty Images.
Key Takeaways
- Galaxy CEO Mike Novogratz predicts that the price of Bitcoin will end the year at $100,000 or higher.
- Six-figure BTC price predictions were popular earlier in the year, but the post-halving rally has yet to materialize.
- If Bitcoin can break into new price territory in the coming weeks, it could be a catalyst for major growth.
Before Bitcoin smashed its previous all-time high price record in March, a string of experts predicted the cryptocurrency would hit $100,000 in 2024. Unfortunately, after BTC failed to maintain its early spring momentum, such optimistic forecasts died down somewhat in April and May.
But now, the six-figure narrative is back courtesy of Galaxy Investment Partners CEO Mike Novogratz.
Mike Novogratz Embodies BTC Price Optimism
During a recent interview , Novogratz declared: “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.”
The reason for his bullishness is partly economic, reflecting cooling interest rates in the US and elsewhere. But he is also optimistic about the US political situation. The Galaxy CEO suggested that the worst of the challenges facing the American crypto sector may be over.
“We’re getting the regulatory clarity, and even though it’s not perfect, we’ve got enough that people now realize this is coming,” he observed.
Moreover, even though Joe Biden ultimately vetoed the SAB 121 repeal bill, Novogratz pointed out that a number of high-profile Democrats supported the legislation, suggesting a positive change in the wind for crypto markets.
Looking For the Next Peak
Since its inception in 2008, the price of Bitcoin has roughly adhered to a 4-year cycle of peaks and troughs.
According to this cycle, crypto markets aren’t due to turn bearish for at least another year. This means that Novogratz’ $100,000 target might only be a stop on the way to even greater highs in 2025.
The seasoned crypto trader Peter Brandt recently forecast BTC climbing to a $150,000 peak in August next year. Looking further ahead, many forecasts are even more bullish.
With so many analysts subscribing to the cyclical theory of Bitcoin pricing, one variable remains uncertain: how long will the post-halving consolidation period last?
Bear Market Incoming?
In the past, BTC has made its most significant gains several months after the halving.
For example, after the 2020 halving on May 19, the price of BTC stagnated for more than two months before surging toward the end of July.
Before that, in 2016, the halving occurred on July 9. But it wasn’t until December that the price of BTC set a new all-time high and the post-halving rally started in earnest.
Two months after the 2024 event, Bitcoin has yet to reclaim its pre-halving high of over $73,000. However, if Novogratz is correct, once it does the next milestone could be $100,000.
