Mike Novogratz: bitcoin will not rise above $ 125,000 by the end of the year

Galaxy Digital CEO Mike Novogratz said that by the end of 2025, the value of Bitcoin BTC $108,955.00 Mezo Wrapped BTC 2.23% Market capitalization $58.08 million VOL. 24 hours $1.99 billion , in his opinion, will remain in the range of $ 100,000-$ 125,000. In an interview with CNBC, he noted that the market has entered a consolidation phase, and the recent reduction in credit funding has reduced liquidity. According to him, this has «cleared the system of retail credit,» but at the same time made the market more vulnerable.

Novogratz compared the situation to the fall of the Humpty Dumpty character, emphasizing that restoring the balance will take time. He believes that the market will need several weeks or even months to «heal its wounds» and regain momentum. At the same time, he emphasized that the fundamental factors remain the same: government spending is growing, which depreciates fiat currencies and supports interest in Bitcoin as a store of value.

The entrepreneur also drew attention to the need for a new «narrative framework» for the crypto market. One of the possible sources of such an impetus is the draft law on the structure of the digital asset market, which is currently being considered by the US Congress. In his opinion, the adoption of this document could be an important factor for the further development of the industry.

Although Novogratz’s baseline scenario does not foresee a renewal of historical highs this year, he does not rule out such a development. Among the conditions that could contribute to this, he mentioned the potential interference of the US President in the Federal Reserve’s policy and the adoption of the bill. In this case, he said, Bitcoin could break through the ceiling again by the end of the year.

Novogratz also commented on the forecasts of other market participants who expect Bitcoin to rise to $ 250,000. He called such estimates unlikely unless «something really extraordinary» happens in the next two months.