Galaxy Digital CEO Mike Novogratz has expressed skepticism about Bitcoin reaching the $250,000 mark by the end of 2025, stating that only extreme and unpredictable events could fuel such a dramatic rally in the coming months.
Novogratz sees range-bound bitcoin
In a recent CNBC interview, Novogratz said:
“There would have to be a heck of a lot of crazy stuff to really get that kind of momentum.”
At the time of his comments, Bitcoin was trading around $107,649, meaning a 133% surge would be needed to hit the ambitious $250,000 target before year-end.
Novogratz suggested that, even in a worst-case scenario, Bitcoin “should hold” the $100,000 level—a key milestone first surpassed in December 2024 after Donald Trump’s reelection.
He elaborated that downside support should remain close to this level, while any upside could accelerate only after breaking through $125,000.
Potential catalysts for a breakout
Novogratz identified two possible catalysts for breaking Bitcoin’s all-time highs: significant intervention by President Trump regarding the Federal Reserve, or the passage of the CLARITY Act, a major market structure bill. He added:
“Those are the two kinds of catalysts I see.”
Analysts remain divided on year-end targets
Despite Novogratz’s cautious stance, some industry figures, including BitMine chair Tom Lee and BitMEX co-founder Arthur Hayes, maintain their projections of $200,000–$250,000 by year-end.
However, other analysts, like PlanC, argue that focusing on a specific year-end peak overlooks the statistical realities of Bitcoin’s market behavior.
