Prominent American businessman and Galaxy Digital CEO Michael Novogratz believes that the price of Bitcoin (BTC) could hit $100,000 this year.
Novogratz made this known during his latest interview with Fox Business. Responding to questions about whether Bitcoin could reach $100,000 this year, Novogratz said, “I think so. I really do.”
Potential Bitcoin Movements
The businessman said that while he cannot predict when Bitcoin might breach the $69,000 resistance, it will not surprise him if BTC fluctuates between $58,000 and $69,000 in the coming weeks or months before moving upwards.
Per Novogratz, it is difficult to correctly predict Bitcoin’s next target, given the growing interest among institutional investors in spot Bitcoin ETFs.
“It’s really hard to say right now as there is probably a runway momentum in these [Bitcoin] spot ETFs. They’ve raised $7 – $8 billion in new capital, and they just keep coming in,” he remarked.
Bitcoin Close to Surpassing Its ATH
Novogratz’s prediction comes days after Bitcoin was close to breaking its all-time high of $69,044 on March 5. At the time, the top asset surged to over $68,800 before plummeting to around $60K a few hours later.
In the hours leading up to press time, Bitcoin was up 1.2% in the daily charts to $66,785. Bitcoin’s recent surge brought its market cap to $1.31 trillion, marking a 52.8% dominance of the global crypto market.
The recent Bitcoin price surge can be attributed to several factors, including increased institutional adoption and the upcoming Bitcoin halving event. Institutional investors have gained increased exposure to Bitcoin, thanks to the multiple spot ETFs approved by the SEC in January.
Notably, the highly anticipated halving event will occur in April, when miners’ rewards will be slashed from 6.25 BTC to 3.125 BTC. Many believe the upcoming halving would bolster Bitcoin’s scarcity, leading to a spike in price.
Crypto Market Now at Frothy Levels
Novogratz’s $100K prediction for Bitcoin comes days after he characterized the present state of the market as reaching “very frothy” levels during a Bloomberg interview.
According to the Bitcoin proponent, the crypto market is seeing true price discovery for the first time, propelled by new investors, like baby boomers. He, however, warned that the market could experience a massive correction during price discovery.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
