Bitcoin Price Forecast: Billionaire Novogratz Anticipates BTC to Hit $100,000 Following This Key Event – What Comes Next
Renowned billionaire Michael Novogratz, the CEO of Galaxy Digital, recently shared a bold prediction regarding the price of Bitcoin during an interview on Bloomberg Television. He suggested that the cryptocurrency could skyrocket to $100,000 by the end of the year.
Novogratz’s forecast is based on an expected rapid surge to $73,000 in the upcoming weeks, driven by positive developments in the U.S. political arena concerning digital assets. If this projection materializes, not only will Bitcoin reclaim its previous all-time high, but it could also set a new benchmark for its market value.
The CEO of Galaxy Digital, Michael Novogratz, envisions that Bitcoin could potentially reach an impressive price of $100,000 by the conclusion of 2024. In his recent appearance on Bloomberg Television, Novogratz hinted at a swift climb to $73,000 in the near future, which could pave the way for Bitcoin to hit or even surpass the $100,000 milestone by the end of the year.
Novogratz is confident about this target given the current market dynamics and recent positive shifts in the U.S. political landscape regarding digital assets.
Bitcoin’s performance has been steadily approaching its previous highs, with a recent increase to $71,005 on Tuesday, marking its highest point in about two weeks. This surge of 2.8% brings Bitcoin closer to its all-time high of $73,798 recorded in March.
The growing momentum for cryptocurrencies is further bolstered by various developments. Notably, the U.S. Securities and Exchange Commission (SEC) is making progress towards approving ETFs that would directly invest in Ether, indicating a broader acceptance of digital currencies.
Furthermore, there is an increasing level of political involvement, with significant political contributions going to pro-crypto candidates and presidential hopefuls sharing their stances on cryptocurrency policies.
Novogratz expressed his optimism by stating:
These positive developments indicate a significant shift towards favorable crypto regulations.
Despite obstacles such as President Joe Biden’s veto against a resolution aiming to eliminate SEC guidance perceived as restrictive for the crypto industry, the regulatory landscape is becoming clearer. The controversial SEC staff accounting bulletin No. 121, criticized by banks for impeding their ability to expand digital asset services due to high costs, is also under scrutiny.
Collectively, these developments suggest an improving regulatory environment that could boost Bitcoin’s attractiveness and stability as an investment.
Bitcoin Price Forecast: June 5, 2024
Bitcoin (BTC) is currently trading at $71,000, showing a 0.48% increase on the four-hour chart. However, the Bitcoin price forecast remains bearish as long as BTC maintains its position above a crucial technical level with a pivot point at $70,600. Key resistance levels are identified at $71,350, $71,950, and $72,600, while immediate support levels are at $69,700, $68,750, and $67,600.
Technical indicators hint at a potential correction, with the Relative Strength Index (RSI) at 70, signaling overbought conditions. The 50-Day Exponential Moving Average (EMA) is situated at $68,800, serving as a significant support level.
Bitcoin recently broke out of an asymmetrical triangle pattern, surpassing the major hurdle at $70,000 and making a bullish move. However, it now faces substantial resistance around $71,500. Candles forming below this level could indicate a bearish correction, especially with the RSI suggesting buyer exhaustion.
A drop below $70,600 may lead to a decline to $69,600 or lower. On the contrary, staying above this level strengthens the possibility of a continued bullish trend.
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Bitcoin Price Forecast 2024 – 2034
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