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Galaxy Digital CEO Michael Novogratz has speculated that Bitcoin will hit six figures today or tomorrow as the asset inches closer to the $100,000 price mark.
Bitcoin broke above $98,000 on Thursday, an unpredicted high for the premier asset. Although it has retracted slightly to trade at $97,608 at the time of writing, the largest cryptocurrency by market cap is up 3% in the past 24 hours.
Meanwhile, speculations of a $100,000 price mark have intensified, with notable market commentators placing timelines for its fruition. Amidst the frenzy, Galaxy Digital CEO Michael Novogratz has thrown in his thoughts on when Bitcoin will reach the impressive milestone.
Bitcoin to $100,000 Today or Tomorrow
In an appearance at the Squawk Box on CNBC, Novogratz asserts that Bitcoin will hit six figures today or tomorrow. He spotlighted the impending price milestone in the wake of the asset’s surge to $98,000.
He noted that the $100,000 milestone was inevitable, citing Donald Trump’s influence in the renewed bullish upsurge. The CEO stated that Trump has demonstrated his belief in cryptocurrency, even in selecting his cabinet members.
Notably, the US President-elect has tapped pro-Bitcoin Elon Musk, Robert F. Kennedy, and Howard Lutnick to occupy key positions in his administration. Trump has also promised a friendlier regulatory environment for cryptocurrencies, fueling investor optimism.
Meanwhile, Novogratz stated that Trump’s influence has fueled a global buying spree for Bitcoin, a catalyst for the recent run. He also cited incessant demands from the Middle East and the public equity market through MicroStrategy.
Sub-$80,000 Days Over for Bitcoin
Furthermore, Novogratz emphasized his confidence that Bitcoin would not test $80,000 again. The American investor stated that although he expects corrections along the line, he does not see the pioneering crypto asset trading that low again.
Meanwhile, Bitcoin trades just 2.5% away from the $100,000 price level, sparking further investor confidence of an imminent price breach. Furthermore, other key crypto players like Michael Saylor also anticipate the six-figure price, with JAN3 CEO Samson Mow predicting it will happen this week.