Novogratz says bitcoin could reach $100,000 by year end
Galaxy Digital's chief executive says the bitcoin chart still looks constructive and a move to six figures before the end of the year would not surprise him.
Key points
- Mike Novogratz, chief executive of Galaxy Digital, said he still likes the bitcoin chart.
- He said it would not surprise him if bitcoin were at $100,000 by year end.
- Novogratz pointed to smaller developments around the edges of crypto that have brought enthusiasm back.
- He suggested some rotation may be occurring between high-momentum equities and crypto assets.
- Bitcoin is trading around an important technical area, with traders divided on its next move.
Mike Novogratz, the chief executive of Galaxy Digital, has repeated his view that bitcoin could reach $100,000 by the end of the year, U.Today reports. Speaking during a recent All Things Markets discussion, Novogratz said he still likes the chart and that a move to the six-figure level before year end would not surprise him.
The call comes as bitcoin trades around an important technical area, leaving traders split over whether the cryptocurrency is preparing for another large move higher or may spend more time consolidating. Novogratz did not appear troubled by the absence of an immediate breakout, according to the report.
He pointed to growing activity across the wider crypto ecosystem as a reason sentiment may be improving. Several smaller developments were beginning to add up, he argued, saying they had brought a little enthusiasm back to crypto.
Chart still looks constructive
Novogratz also described the current environment as one in which investors may need to tolerate substantial volatility to stay positioned for further gains. That risk-on backdrop could affect cryptocurrency flows, he suggested, noting a possible rotation between high-momentum equities and crypto assets.
He said that when momentum stocks sell off, crypto tends to do a little better, indicating there is probably some rotation taking place. The comments are notable because bitcoin's path to $100,000 would require another meaningful advance from current levels.
Novogratz is not presenting the target as a guaranteed outcome. His wording is more measured: he says the chart remains attractive and that reaching the threshold this year would simply not be surprising.
Rotation from momentum stocks
For Novogratz, the recent mix of improving trading volumes, renewed crypto activity and resilient momentum appears to be enough to keep him constructive on the market.