Novogratz’s Bitcoin bet: BTC to $100K in 2024 – Is it possible?

• Novogratz sees BTC topping $100K by end-2024.
• Bitwise executive echoed Novogratz’s sentiment on the bullish impact of the US’s changing attitude on crypto. 

Bitcoin [BTC] could break above its current range and hit $100K or higher by end-2024, per Galaxy Digital’s founder and CEO Mike Novogratz. 

In a recent Bloomberg interview, Novogratz stated, 

“If we take the $73K in the next week or so, we’re going to end the year at $100,000 or even higher.’ 

The $73K hurdle is the recent high hit in March. It was part of the price range that has constricted BTC for weeks. 

Catalysts for Bitcoin’s range breakout

When asked about what could drive BTC above the March high and hit his $100K end-year target, Novogratz mentioned two key catalysts – regulatory clarity and the Fed’s moves. 

On the regulatory front, Novogratz stated, 

“We’re getting regulatory clarity. Even though it’s not perfect, we’ve got enough that people now realize that this is coming.’

The executive added that the overturned SAB 121, which was proposed by the SEC, would allow the Bank of New York, State Street, and others to get into the crypto custody business. 

Additionally, the executive mentioned that more institutions will also jump into Bitcoin, as Goldman Sachs, City Bank, and others will start making BTC sales and trading if the infrastructure bill – FIT 21 Act is approved. Per Novogratz, 

‘As you bring in those institutions, huge money follows’

Despite Biden’s veto on the SAB 121, the Novogratz maintained a positive outlook for regulatory clarity. 

The above catalyst was emphasized by Bitwise CIO Matt Hougan, who reiterated the changing attitude towards crypto was an ‘alpha,’ 

‘The market is undervaluing the impact of Washington’s changing attitude towards crypto. Despite the veto, imho we should already be at all-time highs.’

On the Fed’s move, Novogratz referred to a possible interest rate cut before the end of the year. This could further rally risk-on assets, including BTC. 

In the meantime, BTC topped above $71K at the time of writing, but there wasn’t significant trading volume that could push it higher. That meant another short-term consolidation couldn’t be overruled.