The CEO of Galaxy Digital, a crypto investment firm, predicts that Bitcoin could reach six figures this year if a crucial event occurs soon. Mike Novogratz, in an interview with Bloomberg Television, states that if Bitcoin surpasses the $73,000 level and establishes it as support, he anticipates the leading cryptocurrency to hit $100,000 by the end of 2024.

Novogratz explains, “If we break through $73,000 in the next week or so, we can expect to see Bitcoin closing the year at $100,000, or even higher. Markets operate within ranges. When the upper limit of the range is breached, there is usually a significant extension. So, if the range was between $40,000 and $70,000, breaking $70,000 could lead us to $100,000. That’s a reasonable target.”

Furthermore, Novogratz believes that there are signs indicating that more regulatory clarity on crypto is on the horizon from Washington, D.C., which could benefit Bitcoin. He notes, “D.C. has reached a consensus that crypto legislation is necessary and bipartisan. While there are still a few holdouts, recent weeks have shown positive momentum in pushing Democrats forward. They are aiming to avoid making this a political issue, turning what was once a headwind into a tailwind.”

Regarding regulatory clarity, Novogratz mentions, “We are making progress in terms of regulatory clarity. Even though it’s not perfect, it’s enough to make people aware that changes are coming. This is crucial because if certain bills like SAB 121 and the FIT21 bill are approved, it would pave the way for major financial institutions like Bank of New York and Goldman Sachs to enter the market, attracting substantial investments.”

At the time of writing, Bitcoin is trading at $71,021, showing minimal change in the last 24 hours. Stay informed by subscribing to receive email alerts and following us on X, Facebook, and Telegram for the latest updates.

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