Bitget CEO Sees Bitcoin Stuck in Neutral Through Year-End

Bitget CEO Gracy Chen believes Bitcoin's recent strength may not be enough to break it out of its current trading band for the rest of the year. Speaking on Cointelegraph's Trade Secrets podcast, Chen argued that macroeconomic conditions, particularly interest-rate expectations, will remain a major driver of the asset's direction.

Chen cautioned that forecasting whether Bitcoin finishes 2024 above or below the $70,000 level is inherently uncertain, but her base case points to Bitcoin staying 'around the same range' with a wide margin of error. This translates to Bitcoin trading broadly near current levels through year-end, citing interest-rate and macroeconomic uncertainty.

She highlighted that higher interest rates could theoretically weigh on prices, reflecting Bitcoin's growing linkage to traditional finance. Chen described her forecast as 'more responsible,' suggesting Bitcoin could end the year roughly $10,000 to $20,000 above or below current levels.

Chen is skeptical about the US actively buying BTC for a national reserve before the end of President Donald Trump's term. She believes it would require debate across lawmakers and political parties, even with an administration that has generally signaled support for the industry. Currently, the US government holds approximately 328,372 BTC, mostly from law enforcement seizures and asset forfeitures rather than direct purchases.