Novogratz Sees Slim Chances for Bitcoin to Reach $250K This Year
Galaxy Digital CEO Mike Novogratz has expressed skepticism about Bitcoin reaching $250,000 by year-end, stating that such a move would require exceptional market conditions. He noted that only 10 weeks remain in the year, making a 133% surge from current levels highly unlikely, as Bitcoin currently trades at $109,649.
Novogratz outlined his price expectations, stating that Bitcoin should hold the $100,000 level in a worst-case scenario. This level has proven to be significant support for the cryptocurrency, with it breaking through this barrier in December 2024 after Donald Trump's presidential reelection and recently testing it following Trump's announcement of 100% tariffs on China.
Novogratz expects range-bound trading between $100,000 and Bitcoin's all-time high of $125,000, unless the upper level breaks. He identified two potential catalysts that could drive prices higher: premature Federal Reserve policy intervention by Trump and passage of the CLARITY Act crypto market structure bill.