Galaxy Digital CEO Mike Novogratz recently told Bloomberg that Bitcoin, the flagship cryptocurrency, could enter a six-digit territory as soon as this year.
Given that major institutional investors are now jumping on the Bitcoin trend, there are not a lot of sellers, according to Novogratz.
If the Bitcoin price manages to take out the make-it-or-break-it $73,000 level in the near future, the flagship cryptocurrency could end up reaching $100,000. The cryptocurrency mogul does not rule out that the Bitcoin price could surge even higher.
Novogratz noted that the bottom of the current range had started around the $40,000 level. The $70,000 level represents the top of the current range. Bitcoin has been mostly range-bound over the last few weeks after failing to take out the $70,000 level on several occasions.
Potential catalysts
Even though some hostilility in Congress used to be viewed as a major headwind for Bitcoin, Novogratz believes that it could actually turn into a potential tailwind following the most recent developments in Congress.
“D.C. has finally acknowledged in principle that crypto legislation has to happen. That it should be bipartisan…The last few weeks have been unbelievably positive,” Novogratz said.
Notably, Novogratz thought that the crypto industry getting regulatory clarity was unlikely just a few weeks ago. Now, people realize that it is finally coming.
The fact that some governments keep spending money is also a positive development for the largest cryptocurrency, according to the billionaire.
Tom Lee sees Bitcoin reaching $150,000
According to Fundstrat’s Tom Lee, the Bitcoin price could surge to as high as $150,000 this year.
The permabull has cited such factors as the halving event, the success of Bitcoin ETFs, Bitcoin’s growing user base as well as declining inflation as the key factors behind his bullish call.
