Bitcoin Poised to Soar to $100,000 if March Highs Reclaimed, Says Galaxy Digital CEO
CryptoNewsTerminal Staff04 Jun, 2024
Bitcoin Poised to Soar to $100,000 if March Highs Reclaimed, Says Galaxy Digital CEO
Bitcoin's price could reach $100,000 by year-end if it can reclaim its March highs above $73,000 in the coming weeks, according to Galaxy Digital CEO Mike Novogratz. Novogratz cited the recent moves by the U.S. Securities and Exchange Commission (SEC) toward approving a spot Ethereum (ETH) exchange-traded fund (ETF) and politicians angling to woo crypto-friendly voters as signs that "the tide is starting to turn in a very supportive way for crypto." He also mentioned the passage in both the House and Senate of bipartisan legislation to nullify the SEC's Regulation 21(a) and the Financial Accounting Standards Board's (FASB) Accounting Standards Update 121 (ASU 121) requiring crypto custody by financial firms as further encouragement. "We're in a kind of blow-off top here," Novogratz added, suggesting that the passage of this legislation could further fuel Bitcoin's rise. It's important to note that Novogratz's prediction is based on certain conditions being met, and the cryptocurrency market remains volatile and unpredictable.
