According to Michael Novogratz, the CEO of Galaxy Digital, the price of Bitcoin is poised to make a significant leap, possibly exceeding $100,000 before the year concludes. In a recent appearance on “Bloomberg Crypto,” Novogratz delved into the evolving landscape of the cryptocurrency market and highlighted Bitcoin's promising growth trajectory.

As Bitcoin edges closer to the $70,000 mark, it marks a crucial milestone for the digital asset. Novogratz's assessment of the crypto landscape is optimistic, emphasizing the favorable outlook for expansion over the associated risks. The mainstream integration of crypto discussions, exemplified by platforms like Bloomberg, underscores the substantial evolution of the industry since 2015.

Novogratz also shed light on the latest advancements in crypto-related regulations, noting a consensus in Washington DC regarding the bipartisan regulation of cryptocurrencies.

The allure of Bitcoin has been further accentuated by the government's relentless spending, with Novogratz citing Wisconsin's pension fund's substantial investment of approximately $140 million in the digital currency. With escalating interest from institutional investors and limited selling pressure, Bitcoin's price trajectory is anticipated to trend upwards.

Novogratz's projections hint that breaching the $73,000 threshold in the upcoming week could set the stage for Bitcoin to surge towards $100,000 or beyond by the year's end. He explained the market's mechanisms, underlining the concept of creating ranges and the potential for substantial expansions once these ranges are surpassed. Given that Bitcoin's prevailing range commenced at $40,000, a breakthrough past $70,000 could propel its valuation to unprecedented heights.

The anticipation surrounding the approval of a spot Bitcoin ETF this year, along with consequent capital inflows, has sparked discussions on the catalysts required for Bitcoin to surpass $73,000 and actualize Novogratz's year-end projection. Novogratz anticipates potential triggers such as enhanced regulatory clarity or proactive interventions by the Federal Reserve to steer Bitcoin towards bullish trends.

*Disclaimer: This analysis does not serve as financial advice.