According to Galaxy Digital CEO Mike Novogratz, for Bitcoin to reach $250,000 by the end of the year, it would almost require "planetary alignment."
Several cryptocurrency executives have recently reiterated their predictions that Bitcoin (BTC) will reach $250,000 by the end of the year.
"With only two and a half months left in the year," Novogratz said in an interview with CNBC on Wednesday, adding:
According to CoinMarketCap data, as of the time of writing, Bitcoin is trading at $107,649, which means it needs to surge about 133% in the next 10 weeks.
Novogratz stated that in the worst-case scenario, Bitcoin "should hold" around $100,000, which is a key psychological level that Bitcoin first broke through shortly after Donald Trump was re-elected as President of the United States in December 2024.
Novogratz said that the $100,000 price level or "close to that level should be a downside support."
Not long ago, after Trump imposed a 100% tariff on China, Bitcoin was close to retesting this level, which led to a market crash to $102,000 on October 10.
"On the upside, it won't really accelerate unless it breaks $125,000," he said, referring to Bitcoin's recent historical high of $125,100 set on October 5. He added:
Novogratz indicated that potential triggers for breaking the historical high again could be Trump "prematurely" influencing the Federal Reserve or the passage of the cryptocurrency market structure bill known as the CLARITY Act this year.
"These are the two catalysts I see," he said. After the Federal Reserve's first interest rate cut this year in September, the broader cryptocurrency industry has been closely watching the Fed's interest rate decisions, viewing them as bullish catalysts for Bitcoin.
According to the CME FedWatch Tool, the probability of the Federal Reserve cutting rates again at the October 29 meeting is 96.7%.
Other cryptocurrency executives remain hopeful that Bitcoin will surge to $250,000 by the end of this year.
Earlier this month on the Bankless podcast, BitMine Chairman Tom Lee and BitMEX co-founder Arthur Hayes stated that they still believe Bitcoin can reach between $200,000 and $250,000 by the end of the year, a prediction they have maintained for most of this year.
However, some analysts are less concerned about Bitcoin's price at the end of this year.
Bitcoin analyst PlanC stated on September 5, "Anyone who thinks Bitcoin must peak in the fourth quarter of this year does not understand statistics or probability."
Related: Bitcoin (BTC) wants to rise, but Trump's tariff policy isn't helping: Will the government adopt the "TACO" policy again?
Original article: “Novogratz Questions Bitcoin (BTC) $250,000 Year-End Target: Unless ‘A Lot of Crazy Things’ Happen”
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