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Bitcoin (BTC) Price Predicted to Reach $100,000 According to Mike Novogratz
Alex Dovbnja
Mike Novogratz predicts the largest cryptocurrency is on track to reach $100,000 this year
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Galaxy Digital CEO Mike Novogratz recently said he told Bloomberg that Bitcoin, the flagship cryptocurrency, could enter six-figure territory as early as this year.
Since major institutional investors are following the Bitcoin trend, there aren’t many sellers, according to Novogratz.
If the price of Bitcoin manages to break above the $73,000 level in the near future, the flagship cryptocurrency could end up reaching $100,000. The cryptocurrency magnate does not rule out that the price of Bitcoin could increase further.
Novogratz noted that the bottom of the current range started around the $40,000 level. The $70,000 level represents the top of the current range. Bitcoin has remained mostly range-bound in recent weeks, after failing to break above the $70,000 level on several occasions.
Potential catalysts
While some hostility in Congress was seen as a major headwind for Bitcoin, Novogratz believes it could actually turn into a potential tailwind following the most recent developments in Congress.
“The DC has finally recognized in principle that cryptocurrency legislation must be adopted. That it should be bipartisan… The last few weeks have been incredibly positive,” Novogratz said.
Notably, Novogratz believed the cryptocurrency industry was unlikely to gain regulatory clarity just a few weeks ago. Now, people realize it’s finally coming.
According to the billionaire, the fact that some governments continue to spend money is also a positive development for the largest cryptocurrency.
Tom Lee Predicts Bitcoin to Hit $150,000
According to Fundstrat’s Tom Lee, the price of Bitcoin could rise to $150,000 this year.
The permabull cited factors such as the halving, the success of Bitcoin ETFs, Bitcoin’s growing user base, and falling inflation as key factors behind his bullish forecast.
About the author
Alex Dovbnja
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience covering everything related to the burgeoning industry, from price analysis to Blockchain disruption. Alex has authored more than 1,000 stories for U.Today, CryptoComes, and other fintech media. He is particularly interested in regulatory trends around the world that are shaping the future of digital assets; he can be contacted at alex.dovbnya@u.today.