Investors who bought Ethereum (ETH) under a dollar expect Bitcoin (BTC) to be “much higher” by the end of the year
Galaxy Digital CEO Mike Novogratz predicts that Bitcoin (BTC) will be well above its current value by the end of 2024.
In a new interview with CNBC, the early crypto investor who bought Ethereum (ETH) for around $1 says increasing adoption by the newly launched spot BTC exchange-traded funds (ETFs) is supporting Bitcoin's bullish momentum this year could boost further this year.
Says Novogratz,
“The ETF buyers in general that come through these RIA (Registered Investment Advisor) channels, I think, are taking supply out of the market. Therefore, I still expect Bitcoin to end the year significantly higher. Could we consolidate here for a while? Of course we could.”
He believes Bitcoin could reach six figures this year if the Federal Reserve starts cutting interest rates.
“When markets get new buyers and start to break out, it is difficult to make a price prediction. I do think that we will test the old highs in a relatively short period of time. And when you withdraw $69,000, you typically won't get through the first time. You'll touch them and come all the way back and be mad that you didn't sell something, and then it starts again. But once you get over the $69,000 mark, it could be $150,000 to $125,000. What needs to happen is for the Fed to finally turn around and start cutting interest rates.”
Bitcoin is trading for $51,205, up more than 18% in the past two weeks but largely unchanged over the past week.
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