Near-Term Target: $150,000 Driven by Momentum and Macro
Galaxy Digital CEO Mike Novogratz told CNBC this week that he believes Bitcoin could reach $150,000 in the near term—driven by strong market momentum and favorable macro conditions. "Yeah, listen, we're in price discovery in a lot of these things, and $150k seems to me a decent target," said Novogratz during the CNBC interview.
He acknowledged resistance along the way, noting that "we have seen sellers that have come in, right? And so it's not a one-directional trade, there have been some sellers that have come in and slowed things down." Still, Novogratz believes the trend remains upward as long as current narratives hold. "But it feels like we're destined to go higher, as long as this narrative continues," he added.
He cautioned that a shift in interest rate expectations, particularly if former President Trump were to signal strength in the economy that negates the need for rate cuts, could alter the trajectory. "If Trump changes his mind, you know, and says, hey, we've done such good work, the economy doesn't need lower rates, that would change my thesis. But until that happens, I think we're headed towards $150k."
Long-Term Vision: Bitcoin Replacing Gold, Targeting $1 Million
This isn't the first time Novogratz has forecasted a bullish price prediction for Bitcoin. In a June 12 CNBC interview, he stated that Bitcoin could one day replace gold and even reach $1,000,000. "Bitcoin has become a macro asset," he said. "It's just becoming institutionalized."
Novogratz pointed to a weakening U.S. dollar, increased institutional adoption, and Bitcoin's fixed supply of 21 million as critical components of its long-term growth. "There is no more Bitcoin," he noted. "There have been more Bitcoins lost than will be mined for the rest of eternity." He argued that Bitcoin's scarcity, coupled with its growing role in diversified portfolios alongside gold and silver, is pushing it closer to mainstream acceptance.
"The bull case becomes that over time, gold slowly gets replaced by Bitcoin," said Novogratz. "So that is $1,000,000 a Bitcoin just to be where gold is."