Here’s how long before Bitcoin hits new highs, according to the man who almost called the bottom
Bitcoin BTC/USD has crossed the $30,000 mark for the first time since June 2022 and Galaxy Digital Holdings Ltd BRPHF CEO Mike Novogratz expect it to go much higher.
What you should know: After peaking in late 2021, Bitcoin has trended lower for much of the past two years, but over the next two years, Novogratz expects Bitcoin to make new highs.
Bitcoin has an all-time high of $68,789.63, meaning that even though it has risen more than 80% in just the last three months, the Galaxy Digital CEO expects the world’s largest crypto by market capitalization to more than double from $30,000 – level.
“Within two years, we will be through new highs,” Novogratz said Tuesday on CNBC’s “Squawk Box.”
About a year ago, Novogratz appeared on CNBC and said that he expected Bitcoin to bottom out around $20,000 and Ethereum ETH/USD to find a foothold around $1000 and he wasn’t far off.
He expects Bitcoin’s price rise to be driven by the upcoming halving cycle, which is expected to take place a year from now, as well as by an improved macro backdrop and increased usage.
See Also: Unstoppable Bitcoin Reigns With Incredible Inflows, Dominating Altcoins Like Uniswap, Polkadot, Polygon
Ultimately, he sees Bitcoin continuing to trend higher on the back of a regulatory framework, but he did not provide a timeline for when that might happen. He noted that Coinbase Global Inc COIN is helping to facilitate wider regulations as it faces increased regulatory scrutiny.
Last month, Coinbase received a Wells notice from the SEC in which the agency made a “preliminary decision” to file an enforcement action against the company alleging violations of federal securities laws.
Following the SEC notification, Coinbase CEO Brian Armstrong took to Twitterwelcome the opportunity for Coinbase (and by extension the wider crypto community) to prove the legality of its business in a court of law.
Coinbase is like an on-ramp for the crypto space, and the company does a great job of educating its users, Novogratz said, adding that it’s a “really important company in the ecosystem.”
“My hope is that they win their case in court on this Wells Notice and they continue to prosper, and I think they will,” he said.
Progress on the regulatory front should eventually lead to the approval of a Bitcoin ETF, which would be a “really big win” for the crypto space and give everyone a safe way to invest, Novogratz said.
The last word: Novogratz is not alone in expecting Bitcoin to rise to new heights in the coming years. Check out how much $100 invested in Bitcoin could be worth in 2030 if Ark Invest founder Cathie Woods amazing price estimates come true.
$BTC Price Action: Bitcoin was last up 4.23% over a 24-hour period at $30,378.34 at the time of writing, according to Benzinga Pro.
This illustration was generated using artificial intelligence via MidJourney.
