According to Galaxy Digital CEO Mike Novogratz, the planets almost have to line up for Bitcoin to hit $250,000 this year.
Recently, several crypto executives doubled their $250 000 Bitcoin.BTC() Predictions before the end of year.
“The end of the year is only two and a half months away,” Novogratz said In an interview Wednesday with CNBC, the following was said:
“There would have to be a heck of a lot of crazy stuff to really get that kind of momentum.”
Bitcoin’s current price is $107 649. according CoinMarketCap says that it needs to increase by approximately 133% in the next 10 week.
Novogratz: Bitcoins should be worth $100,000
Novogratz claimed that Bitcoin could be destroyed in the worst possible scenario. “should hold” Around $100,000 is a psychologically important level that was first broken in December 2024 shortly after Donald Trump’s reelection as US President.
Novogratz claimed that the price of $100,000 was the level at which he would be able to buy a home. “somewhere close to that should be the downside.”
Bitcoin was close to reaching that level recently, after Trump’s tariffs of 100% on China caused the market on October 10 to fall to $102,000.
“On the upside, you don’t really accelerate until you take out $125,000,” He was referring to Bitcoin’s all-time highest price of $125.100, which occurred on October 5. He continued:
“So the most likely outlook is we’re rangy between 100 and 120 or 125, unless we take out the top side.”
Novogratz stated that Trump’s influence on the Federal Reserve could trigger a push to re-achieve this all-time level. “prematurely” If the Crypto Market Structure Bill, also known as CLARITY Act passes in this year.
“Those are the two kinds of catalysts I see,” He said. After cutting interest rates in September, the wider crypto-industry has kept a keen eye on Fed decisions.
It is 96.7% likely that the Fed will cut interest rates again during the October 29th Fed meeting. according CME’s Fed Watch Tool.
Bitcoin price year-end is not important, say some analysts
Crypto executives still believe that Bitcoin can reach $250,000 in this year.
Bankless Podcast: Speaking with the Bankless earlier In this month’s BitMine Chair Tom Lee, and BitMEX Co-Founder Arthur Hayes, said that they still believe Bitcoin could reach $200,000-$250,000 in the year end. They have made this prediction for much of this calendar year.
Related: Bitcoin chart is echoing the 1970s soybean bubble: Peter Brandt
Some analysts don’t seem to be too concerned with the price of Bitcoin at the end this year.
Bitcoin Analyst PlanC said on Sept. 5Anyone who believes that Bitcoin will peak during the fourth quarter of this year is not familiar with statistics and probability.
Magazine: Adam Back says Bitcoin price cycle ’10x bigger’ but will still decisively break above $100K
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Source: cointelegraph.com
