Key Points
- As Bitcoin topped $71k, Mike Novogratz believes it could reach $100k by the end of 2024.
- The trigger could be a friendlier political climate in the US.
Bitcoin is now trading close to $71,000 after the coin was able to surpass the important level earlier. At the moment of writing this article, BTC is up by 3% in the past 24 hours.
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Bloomberg just noted that Bitcoin’s recent price surge reflects greater confidence in global markets about the prospect of Federal Reserve interest-rate cuts this year. BTC posted its longest winning streak since March.
Traders are pricing in a bigger chance of a Fed rate cut as soon as November, in the wake of data revealing moderating US inflation and a softer jobs market.
According to Bloomberg, some Treasury yields registered their largest two-daw drops of the year, meaning a loosening in financial conditions that could help speculative assets such as crypto.
Tom Couture, digital-asset strategy vice president at Fundstrat Global Advisors, recently said that crypto is responding positively to the decline in rates.
Bitcoin ETFs and a friendlier crypto framework could boost BTC’s price
According to Bloomberg, Bitcoin has been recently struggling to hold its mark above $70,000, but optimists are seeing price triggers such as Bitcoin ETFs and moves in Washington towards a friendlier crypto framework.
On June 4, Bitcoin ETFs recorded the largest amount of inflows since March, of almost $887 million.
A short-term 30-day correlation between BTC and the Nasdaq 100 Index of US tech stocks is around the highest since early 2023, according to Bloomberg. This suggests that more gains in the equity gauge could be accompanied by a move higher in the crypto market for BTC.
Bitcoin could reach $100k by the end of 2024
Galaxy Digital’s CEO, Mike Novogratz believes that a more positive US political environment for crypto could propel the price of BTC to $100,000 or even higher by the end of the year.
Bloomberg noted that such sentiment is an indication of how memories of the bleak digital-asset bear market in 2022 and huge scandals such as the one surrounding FTX have faded at least for the moment.
Bitcoin remains surrounded by optimism, the latest positive injection of positive sentiment coming from Willy Woo who highlighted the difference between the 2024-2025 bull market and the 2020-2021 bullish market.
Woo also predicted that a surge in the price of Bitcoin to $72,000 could act as a catalyst, potentially pushing the cryptocurrency through the significant $75,000 psychological barrier.
