Galaxy Digital CEO Mike Novogratz insists on his bullish view of Bitcoin, stating that the chart trend of this cryptocurrency is still "constructive." He would not be surprised if Bitcoin rises to $100,000 by the end of this year.

Novogratz stated in the most recent All Things Markets discussion: 'I still like this chart. I wouldn't be surprised if we reached $100,000 by the end of the year.'

This judgment comes at a time when Bitcoin continues to trade near an important technical range. Traders are divided on whether this cryptocurrency is about to embark on another round of significant gains or will continue to consolidate.

However, Novogratz doesn't seem to be worried about the lack of an immediate breakthrough in the short term.

The person in charge, Galaxy, pointed out that the increase in activity within the broader crypto ecosystem is another possible reason for the potential improvement in market sentiment. He believes that several smaller advancements are gradually accumulating over time.

He said, "You'll see many nice little stories emerging on the fringes, and I think that's brought a bit of enthusiasm back to the crypto market."

Novogratz also describes the current environment as a phase in which investors may need to endure significant fluctuations in order to continue holding their positions in hopes of further gains.

Risk Preference Background

This risk preference profile may also influence the flow of funds into cryptocurrencies.

In the latter half of the conversation, Novogratz indicates that there may be some rotation between high-momentum stocks and crypto assets.

He said, "You will see that when Momo falls, cryptocurrencies will perform better. So, there may be some rotation."

These comments are noteworthy because for Bitcoin to reach $100,000, it still needs to experience another significant increase from its current level. However, Novogratz does not describe this goal as an inevitable outcome. His wording is much more restrained: this Galaxy CEO merely indicates that the charts are still attractive, and it would not be surprising if it touches the six-figure mark this year.

For Novogratz, recent improvements in trading volume, a rebound in crypto activities, and the persistence of momentum seem to be sufficient reasons for him to continue to maintain an optimistic outlook.

At present, he has not wavered.

“I still like this chart,” said Novogratz. “If we reach $100,000 by the end of the year, I won’t be surprised.”