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Ether Set to ‘Knock on $4,000’ and Soon Outperform Bitcoin: Novogratz
According to Galaxy Digital CEO Michael Novogratz, the rapidly growing institutional interest in Ethereum could trigger a supply shock and position Ether to outperform Bitcoin in the next six months.

The post XRP Experiences ‘Beneficial Adjustment’, Ether Faces Supply Shock: Crypto Digest, July 20-26 appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.

Novogratz predicts that Ethereum is “predestined to at least touch” $4,000. He elaborated, “If ETH breaks through $4,000, it enters price discovery territory,” indicating an approximately 8.5% leap from Ethereum’s (ETH) present price of $3,618 based on Nansen data. He added, “We anticipate that the $4,000 mark will be tested multiple times.”

Novogratz highlighted Ethereum’s “compelling” narrative, citing significant Ethereum purchases by prominent firms Sharplink Gaming and BitMine Immersion Technologies. BitMine recently reported an Ethereum holding of 566,776 ETH (around $2.03 billion), while Sharplink owns 360,807 ETH (about $1.29 billion).

Yet another company, Ether Machine, aims to list on Nasdaq under the ticker “ETHM”, managing more than $1.5 billion worth of over 400,000 ETH at debut. Novogratz doesn’t foresee this accumulation slowing down. “They are securing capital daily to purchase Ethereum,” he stated. Another expert, BitMEX co-founder Arthur Hayes, earlier this week projected that Ethereum could reach $10,000 by the year’s end.

Technical analysis indicates Ethereum is already starting to outperform Bitcoin. The ETH/BTC ratio from TradingView reflects Ethereum’s relative strength against Bitcoin, which has increased by 36.53% in the past month.

Novogratz, however, still predicts short-term growth for Bitcoin. He suggested a Bitcoin price of $150,000 is a “reasonable target based on my chart analysis.” He added, “We seem destined for higher grounds as long as the current narrative persists.”

Bitfinex analysts reported on Wednesday that if Bitcoin maintains its bullish trend, the next major goal could be $136,000, but it could indicate a local peak. They said, “Historically, this level suggests extreme bullish conditions, often aligning with market euphoria and peak positioning.”

Novogratz cautioned that a policy change by US President Donald Trump towards higher interest rates could upset his prediction. “Such a shift could alter my thesis, but until then, I believe we’re on course for 150,” he concluded.

Note: This article does not provide investment advice or recommendations. All investments and trading actions involve risk. Readers should conduct their own due diligence before making any decision.

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While speaking to CNBC, Novogratz emphasized that the growing interest in Bitcoin, particularly among younger generations, could eventually see it replace gold. “If you look at gold’s market cap and Bitcoin’s market cap, Bitcoin has a long way to go, 10x, and so that’s [$1 million] Bitcoin just to be where gold is,” he commented.

Novogratz joins other Bitcoin enthusiasts, like Ark Invest’s Cathie Wood and Strategy’s Michael Saylor, who have previously suggested significant long-term appreciation for the cryptocurrency. In April, Ark Invest adjusted its bullish Bitcoin price projection to $2.4 million by 2030, an increase from an earlier prediction of $1.5 million.

Underpinning Novogratz’s prediction is the current trend of macro adoption. More companies are investing in Bitcoin and easier access to the currency has led to increased retail investor activity. The adoption of Bitcoin as a macro asset, he believes, is a trend that will only continue to gain momentum.

BlackRock, the Wall Street behemoth, exemplifies the institutional adoption of Bitcoin as a macro asset. Its growing ETF has acquired a significant amount of the cryptocurrency for its clients, representing about 3% of Bitcoin’s total supply as of April. The exchange-traded fund currently manages over $70 billion in assets.

Bitcoin’s current trading value stands around $106,210.56, just short of its all-time high of over $111,000. Over the past year, Bitcoin’s price has risen over 50%.

Novogratz’s Galaxy Asset Management raised $113 million last year for Galaxy Ventures, a fund that invests in early-stage crypto-based companies. The firm also runs a large mining facility in Texas and holds an estimated 12,830 BTC, worth over $1 billion. Bitcoin’s market cap currently exceeds $2 trillion.

Disclaimer: This article is provided for informational purposes only and does not constitute investment, financial, or other advice. As of November 2023, The Block is a majority investor in Foresight Ventures, which has investments in other crypto companies.

The post Novogratz of Galaxy Predicts Bitcoin Could Surge to $1 Million Given Continued Adoption appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.

Novogratz said, I don’t believe that Bitcoin may rally quite aggressively till the time we get some kind of pause. He said this during one of the TV interview. At the same time, Novogratz even noted that he also had earlier forecast for the 2022 array of $30,000 and $50,000 for the Bitcoin. This was little changed on Tuesday about $39,200 that was in the trading of New York.

Bitcoin – Biggest cryptocurrency

The biggest digital asset through market value had also surged previous year to the record highest with various risk assets for the reason of the pandemic related to the liquidity which has been provided by Fed.

Now with Fed which is about to tighten, the investors are also now in the phase of re-evaluating the entire risk. This is with the consequences of war in between Russia and Ukraine.

Basically, Bitcoin is the quite fascinating narrative story. It is about bringing people in the community. It is quite difficult to bring in the new people when the house is on the fire.  Because of war in the Ukraine that is contributing to the volatility of the market. That about the zero chance, even the Russian government may also use the crypto currencies for avoiding the sanctions. There is something which few lawmakers have also expressed concern.

Novogratz even called for the BitLicense of New York, it also required for the crypto businesses in such kind of state which is to be canceled. He then said, that we got rid from BitLicense. It’s quite difficult to do the business in the state of New York because of such kind of the requirement.

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