Galaxy Digital Inc (NASDAQ:GLXY) CEO Mike Novogratz said the world's largest cryptocurrency could "take out the topside" and break above $125,000 if President Donald Trump moves on the Federal Reserve and the pending market structure bill becomes law.
Novogratz Sees Trump Policy As Key Catalyst
Speaking during a recent interview shared on X, Novogratz outlined a potential trading range between $100,000 and $125,000 for Bitcoin (CRYPTO: BTC) but suggested a breakout could come swiftly if fiscal or regulatory catalysts align.
"We could take out the top side if the president prematurely makes a move on the Fed," Novogratz said.
"They could target that easily by the end of the year. And if this bill gets passed, those are the two catalysts I see."
Novogratz added that $100,000 should act as the lower boundary for Bitcoin, implying that the asset remains in a broad accumulation phase rather than entering a deeper correction.
His comments echo earlier calls from institutional strategists pointing to policy shifts as potential triggers for a renewed bull cycle.
Bitcoin Tests Support Cluster Near $108,000
BTC Price Action (Source: TradingView)
Technical Analysis: Technical indicators are signaling continued stress around the $108,000 region.
The area marks the convergence of the 200-day exponential moving average at $108,095 and the rising trendline from March.
A close below this confluence would confirm a technical breakdown, exposing the next support zone near $104,000 and potentially the deeper structural floor at $92,000.
The 20-day and 50-day EMAs at $112,095 and $112,802 have both rolled over, maintaining a bearish bias.
The rejection at $116,000 last week underscored sellers control, while the Supertrend indicator at $119,393 continues to cap upside moves.
Bulls need a strong push through the $116,000–$119,500 zone to reverse the negative trend.
Institutional Flows Show Bitcoin Sentiment Still On Edge
BTC Netflows (Source: Coinglass)
Data from Coinglass shows a modest $25.6 million net inflow on Oct. 22 as Bitcoin traded around $107,757.
While inflows offer short-term relief, the broader picture since mid-year still shows heavier outflows, suggesting institutional investors remain cautious.
Historically, persistent outflows have hinted at accumulation, but this cycle's imbalance suggests that more supply is returning to exchanges than being moved into cold storage.
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