Some still believe bitcoin will hit $250,000 this year. Galaxy Digital CEO Mike Novogratz isn’t so sure.
Mike Novogratz a bear?
According to renowned Bitcoin fan and Galaxy Digital CEO Mike Novogratz, it would take a miracle for Bitcoin to reach $250,000 this year.
There are only two and a half months left until the end of the year. A lot of crazy things would have to happen to get that kind of momentum
– he said in an interview with CNBC on Wednesday.
At the time of this writing, Bitcoin was valued at just over $108,000, which means it would need to increase by over 130% over the next 10 weeks.
Novogratz said that in a worst-case scenario, bitcoin “should hold” around $100,000, a key psychological level that was first broken in December 2024, shortly after Donald Trump won the U.S. election.
Novogratz also said the $100,000 level or “something close to it” should be seen as a big drop. In fact, we came very close to testing this ceiling recently when Trump started threatening China with 100% tariffs.
The most likely prospect is between $100 and $120 or $125,000 unless we eliminate the cap
– he concluded.
Novogratz also said that potential factors that would fuel the gains could be Trump’s “premature” actions to influence the Federal Reserve or the passage of the Cryptocurrency Market Structure Act, the CLARITY Act, this year.
But $250,000?
On the Bankless podcast earlier this month, BitMine CEO Tom Lee and BitMEX co-founder Arthur Hayes said they believe bitcoin could reach a price of $200,000 to $250,000 this year.
In turn, a PlanC analyst reported on September 5 that “anyone who thinks bitcoin must peak in the fourth quarter of this year does not understand statistics or probability.”
However, there is more and more evidence that this cycle will be different and longer. The point is that over the last year the cryptocurrency has been rising in price in an environment of high interest rates. and quantitative tightening. Now the Fed is returning to cutting rates, and Jerome Powell has even announced the end of tightening. This would provide fuel for growth that may last until 2026.
