“Bitcoin could end 2024 at $100,000 or more”
The CEO of Galaxy Digital, Michael Novogratz, assured that bitcoin (BTC) could reach a price of $100,000 by the end of 2024. For the billionaire, what may happen in the coming weeks will be key.
In an interview with the financial news channel Bloomberg, the founder of the digital asset management company stated: “If we eliminate the $73,000 barrier in the next week, we will end the year at $100,000 or even more.”
“The markets work, they create a range and when this range is broken you have a good extension. The bottom of that range started at around $40,000. So from 40 to 70, this one gets to 70 to 100. That’s a good goal.”.
Michael Novogratz, CEO of Galaxy Digital.
In this sense, he argued that Regulatory clarity and the measures of the US Federal Reserve (Fed) such as the reduction of interest rates are the boost that BTC needs to overcome the obstacle of $73,737the ATH that was recorded on March 14, 2024. He explained: “We are having regulatory clarity and, although it is not perfect, we have enough for people to realize that this is coming.”
The executive also referred to United States President Joe Biden’s veto of SAB 121, an accounting guideline from the Securities and Exchange Commission (SEC) that allowed banking entities to custody BTC. “Washington DC has finally agreed in principle that digital asset legislation has to happen and it needs to be bipartisan,” he commented.
Likewise, he highlighted that the United States Congress is working on the 21st Century Financial Innovation and Technology Act or FIT21, which would provide a legal framework for cryptocurrencies. “If the infrastructure bill and the FIT21 bill are passed, this allows Goldman Sachs and Citibank to make sales and transactions. And as these institutions are incorporated, a large amount of money is obtained,” Novogratz concluded.
«A cryptocurrency show»
The director of Galaxy Digital expressed his optimism with the figures that the price of the digital currency created by Satoshi Nakamoto could reach and described this moment as “a cryptocurrency spectacle.”
Now, the big question that arises after Novogratz’s statements is whether BTC will be able to surpass its ATH in the coming days.
As Criptonoticias already reported, after reaching its all-time high, the digital currency entered a zone of lateralization around a guideline marked by approximately $66,000.
The following graph, provided by TradingView, shows the movements referred to:
At the beginning of the week, The price of BTC seems to have broken away from the so-called “boring zone” for investors and its price ranges between $70,000 and $71,000.
Everything indicates that, due to the events that occurred this year, such as the halving or the approval of the bitcoin ETF, The coin has fuel to continue climbing its price and finally break its ATH barrier.
In this regard, the renowned analyst and professional trader, Willy Woo observes a force in the market to take the price of BTC to a new all-time high. In his X account he explained:
“Touching $72,000 activates the fuse that starts a liquidation cascade. There are $1.5 billion in short positions ready to be liquidated, reaching $75,000 and a new all-time high.”
Professional bitcoin analyst and trader, Willy Woo.
The publication is accompanied by a heat map that indicates in yellow the price levels where large liquidation volumes can be recorded. As seen, this can occur in the $72,000 area.
In this way, Willy Woo maintains that, If the price of BTC manages to overcome that resistance zone, the market will be on the verge of a new ATH.
