Bitcoin He used all available growth catalysts and is likely to remain in the narrow price range from $100,000 to $125,000 by the end of the year, said Mike Novogratz, CEO of Galaxy Digital.
In an interview for the “Squawk Box” program on CNBC, Novogratz focused on realistic expectations for the future price scenario for Bitcoin.
The founder of Galaxy Digital noted that the flagship cryptocurrency has already reached key psychological levels that pushed the price up, and now it needs new positive macroeconomic events to grow. Without this, the first cryptocurrency risks getting stuck in a sideways movement, Novogratz explained.
The Galaxy Digital CEO stated that he is skeptical of some crypto market experts’ predictions that Bitcoin will rise to $250,000 by the end of this year.
“There are only two and a half months left until the end of the year. A lot of crazy things need to happen to achieve such momentum,” Novogratz said.
He added that the situation in the bitcoin market could change if Donald Trump’s pressure on the US Federal Reserve System leads to an early rate cut or the adoption of the CLARITY Act on regulating the crypto market.
Earlier, Arthur Hayes, co-founder of the BitMEX crypto derivatives exchange, suggested that the new measures Japan’s economic stimulus measures, announced by Japanese Prime Minister Sanae Takaichi, will boost bitcoin’s growth to $1 million.
