Novogratz Still Sees Room for Bitcoin to Hit Six Figures

Galaxy Digital CEO Mike Novogratz remains bullish on Bitcoin, saying he's not surprised if it reaches $100,000 by year-end. Despite trading near a key technical level, Novogratz still likes the chart and believes investors may have to tolerate volatility for further gains.

Novogratz pointed out growing activity across the broader crypto ecosystem as another reason sentiment is improving. He mentioned several smaller developments adding up to bring enthusiasm back to crypto.

The risk-on backdrop could also impact cryptocurrency flows, with Novogratz suggesting some rotation between high-momentum equities and crypto assets. He noted that when momentum stocks sell off, crypto tends to do a little better.