The planets will need to roughly align for Bitcoin to reach $250,000 by the end of the year, according to Galaxy Digital CEO Mike Novogratz.
Several cryptocurrency executives recently doubled their funds with $250,000 worth of Bitcoin (Bitcoin) Expectations by the end of the year.
“The end of the year is only two and a half months away,” Novogratz said He said During an interview with CNBC on Wednesday, adding:
“There has to be a lot of crazy things to get that kind of momentum.”
At press time, Bitcoin is trading at $107,649. According to to CoinMarketCap, which means it would need to rise approximately 133% over the next 10 weeks.
Novogratz says a bitcoin should contain $100,000
In a worst-case scenario, Bitcoin “should hold” around $100,000, the key psychological level it first broke in December 2024, shortly after Donald Trump was re-elected as US president, Novogratz said.
The $100,000 price level or “somewhere close to that should be the downside,” Novogratz said.
Bitcoin came close to retesting this level not long ago, in the wake of Trump’s 100% tariffs on China, which caused the market to drop on October 10 to $102,000.
“On the upside, you can’t really accelerate until you get to $125,000,” he said, referring to Bitcoin’s all-time high of $125,100 on October 5. He added:
“So the most likely forecast is that we are in the range of 100 to 120 or 125, unless we take the top side out.”
Possible catalysts to push that all-time high again could be if Trump moves to influence the Federal Reserve “prematurely” or if a cryptocurrency market structure bill, known as the Clarity Act, is passed this year, Novogratz said.
“Those are the two types of triggers I see,” he said. The broader cryptocurrency industry is closely watching the Federal Reserve’s interest rate decisions as a bullish catalyst for Bitcoin following the first interest rate cut of the year in September.
There are 96.7% chances that the Fed will cut interest rates again at the Fed meeting on October 29. According to For the Fed’s CME monitoring tool.
Some analysts say that the price of Bitcoin at the end of the year does not matter
Other cryptocurrency executives are still hopeful that Bitcoin will rise to $250,000 by the end of this year.
Speaking on the Bankless podcast previously This month, BitMine President Tom Lee and BitMEX co-founder Arthur Hayes said they remained confident that Bitcoin could reach between $200,000 and $250,000 by the end of the year, a prediction they have stuck to for most of this year.
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However, some analysts are not worried about where the price of Bitcoin will be at the end of this year. ”
Bitcoin analyst PlanC said on September 5“Anyone who thinks Bitcoin should peak in the fourth quarter of this year doesn’t understand statistics or probabilities.”
magazine: Adam Back says Bitcoin price cycle is “ten times bigger” but will still decisively exceed $100,000
