Galaxy Digital CEO Mike Novogratz believes Bitcoin could finish 2026 near the psychologically important $100,000 level.
During his convesatoin wth Anthony Scaramucci on All Things Markets, Novogratz argued that the worst of Bitcoin’s latest downturn may already be over.
“I think the 60 print is the low of the cycle,” Novogratz said, referring to Bitcoin’s move toward the $60,000 area. “I think right now 80, holding 80 on a weekly close, is important. And, you know, we’ve tested it a couple times.”
Bitcoin was trading around $84,000 at the time the conversation was recorded.
“We’re at 84 as we speak. Maybe it goes to 78 or something, but it’s now, in my mind, an 80-100 range,” he said. “And I would not be surprised if we end the year close to 100, having gone through it.”
That would imply Bitcoin returning toward six figures by the end of 2026.
Novogratz also stressed that Bitcoin remains different from the broader cryptocurrency market.
You Might Also Like
“Again, Bitcoin is different than the rest of crypto, but it actually drives a lot of the energy,” he said.
According to the Galaxy Digital boss, another factor supporting the market is that much of the forced or motivated selling may already have taken place.
“I think a lot of people that needed to sell sold,” Novogratz said.
The cycle low?
The $60,000 is likely to be the low of the cycle, according to the famous billionaire investor.
“I think the 60 print is the low of the cycle,” he said.
His near-term focus is now on the $80,000 level on a weekly closing basis.
“I think right now 80, holding 80 on a weekly close, is important, right? And, you know, we’ve tested it a couple times,” Novogratz said.
However, as mentioned above, he does not rule out that Bitcoin could revisit the upper-$70,000 range before advancing again.
Be the first to comment