Billionaire Michael Novogratz, CEO of Galaxy Digital, has made a bold prediction about the price of Bitcoin. In a recent interview with Bloomberg Television, Novogratz suggested that Bitcoin could reach $100,000 by the end of the year. He believes that the cryptocurrency will experience a swift rise to $73,000 in the coming weeks, driven by positive developments in the U.S. political landscape for digital assets. This surge would not only bring Bitcoin back to its near all-time high but also set a new benchmark for its market value.
Novogratz’s prediction is based on the current market dynamics and recent positive shifts in the U.S. political landscape regarding digital assets. Bitcoin’s performance has been steadily increasing and is inching closer to its previous highs. On Tuesday, it reached $71,005, its highest point in about two weeks, representing a 2.8% increase. This brings it closer to its all-time high of $73,798 recorded in March.
The momentum for cryptocurrencies is further supported by several developments. The U.S. Securities and Exchange Commission (SEC) is making progress towards approving ETFs that would invest directly in Ether, signaling a wider acceptance of digital currencies. There is also increasing political engagement, with significant political donations flowing to pro-crypto candidates and presidential contenders expressing their views on cryptocurrency policies.
Despite challenges such as President Joe Biden’s veto against a resolution that would have eliminated SEC guidance deemed restrictive for the crypto industry, the regulatory landscape is becoming clearer. The controversial SEC staff accounting bulletin No. 121 has been criticized by banks for hindering their ability to expand digital asset services due to high costs. However, these developments collectively suggest an improving regulatory environment that could enhance Bitcoin’s appeal and stability as an investment.
In terms of technical analysis, Bitcoin is currently trading at $71,000, up 0.48% on the four-hour chart. However, the price prediction remains bearish as long as Bitcoin stays above the crucial technical landscape with a pivot point at $70,600. Key resistance levels are found at $71,350, $71,950, and $72,600, while immediate support levels are at $69,700, $68,750, and $67,600. Technical indicators suggest a potential correction, with the Relative Strength Index (RSI) at 70, indicating overbought conditions. The 50-Day Exponential Moving Average (EMA) at $68,800 provides significant support.
Bitcoin recently broke out of an asymmetrical triangle pattern, surpassing the major hurdle at $70,000 and making a bullish move. However, it is now facing major resistance around $71,500. Candles forming below this level could signal a bearish correction, especially with the RSI indicating buyer exhaustion. A break below $70,600 could drive the price down to $69,600 or lower, while staying above this level strengthens the likelihood of a continued bullish trend.
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