Galaxy Digital CEO Mike Novogratz believes that Bitcoin could close around the psychologically significant level of $100,000 by the end of 2026.
In his conversation with Anthony Scaramucci on the program “All Things Markets”, Novogratz indicated that the worst phase of Bitcoin’s recent downturn may have passed.
“I think around $60,000 is the low point of this cycle,” said Novogratz, referring to the trend of Bitcoin falling back towards the $60,000 range. “I think it’s very important that we now hold the $80,000 level, especially if we can close above $80,000 on the weekly chart. You know, we’ve tested this level several times already.”
When this conversation was recorded, the trading price of Bitcoin was around $84,000.
"We're currently around $84,000. It might drop back to around $78,000, but in my opinion, the range is now between $80,000 and $100,000," he said. "I wouldn't be surprised if it approaches $100,000 by the end of the year, even if there's some fluctuation in between."
This means that Bitcoin could return to the six-figure range by the end of 2026.
Novogratz also emphasizes that Bitcoin is different from the broader cryptocurrency market.
"Let me say it again, Bitcoin is different from other cryptocurrencies, but it has indeed driven a lot of market sentiment," he said.
This leader, Galaxy Digital, stated that another factor supporting the market is that many forced or voluntary sell-offs may have already occurred.
“I think many people who needed to sell have already done so,” said Novogratz.
Cycle low point?
This well-known billionaire investor believes that $60,000 is very likely to be the low point of this cycle.
"I think around $60,000 is the low point of this cycle," he said.
What he is currently more concerned about is the level of $80,000 for Bitcoin based on its weekly closing price.
"I think it's very important to hold the $80,000 level now, especially to close above $80,000 on the weekly chart, right? You know, we've tested this level several times already," said Novogratz.
However, as mentioned above, he does not rule out the possibility that Bitcoin could return to the range of $77,000 to $79,000 before another upward movement.
