Galaxy Digital CEO Mike Novogratz says Bitcoin could reach $100,000 before the end of the year, calling the chart constructive even as the cryptocurrency trades near a key technical level. He points to rising activity across crypto and possible rotation out of high-momentum stocks as reasons sentiment may keep improving.
Galaxy Digital CEO Mike Novogratz says he would not be surprised to see Bitcoin reach $100,000 by year-end, even as the cryptocurrency hovers near a key technical level. Novogratz made the comments during a recent All Things Markets discussion, describing the chart as constructive.
According to Novogratz: "It will not surprise me if we're at $100K by year end." He did not present the target as guaranteed; his wording was considerably more measured, saying only that reaching the level would not be surprising.
Traders split on the next move
Bitcoin's stall near its current technical area has left traders divided over whether the cryptocurrency is building toward another leg higher or needs more time to consolidate. Novogratz, however, does not appear troubled by the absence of an immediate breakout.
He pointed to broader activity across the crypto ecosystem as a separate reason sentiment may be turning, arguing that a handful of smaller developments were starting to add up. Novogratz also said investors may need to tolerate significant volatility to stay positioned for further gains.
A possible rotation out of momentum stocks
Novogratz also raised the possibility of rotation between high-momentum equities and crypto assets in the current risk-on backdrop. He said that when momentum stocks sell off, crypto does a little better, adding that some rotation between the two groups is probably underway.
For Novogratz, improving trading volumes, renewed activity in crypto and resilient momentum together are enough to keep him constructive on Bitcoin. He said he is sticking with that view for now.
Source: U.Today
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