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During a recent appearance on CNBC's "Squawk Box," Mike Novogratz has opined that Bitcoin is "destined" to go higher.
"It feels like we are destined to go higher as long as this narrative continues," he said, referring to dovish rate expectations in the U.S.
Novogratz identified the plethora of balance sheet companies as one of the main catalysts behind the rally. He has noted that corporate crypto adoption is also moving beyond Bitcoin. For instance, there are not two major ETH treasury companies.
On top of that, the crypto mogul commented that the U.S. Federal Reserve is currently being pressured to cut rates virtually on a daily basis.
When it comes to specific price prediction, Novogratz opined that $150,000 appears to be a "decent target."
However, Novogratz has warned that Bitcoin will not get there in a straight line since he expects sellers to "slow things down."
However, he will have to reassess his bullish thesis if there is a sudden hawkish turn when it comes to the Fed's rate policy.
Will Ethereum outperform Bitcoin?
Novogratz has also predicted that Ethereum (ETH) will be able to race ahead of Bitcoin in the second half of the year. "I think ETH probably has a chance to outperform Bitcoin in the next three to six months," he told CNBC's Andrew Ross Sorkin.
He believes that the altcoin will enter into "price discovery" mode as soon as it tops the $4,000 level.
Vladislav Sopov
U.Today Editorial Team