Here's How Long Before Bitcoin Reaches New Highs, According To The Man Who Nearly Called The Bottom

Bitcoin BTC/USD has crossed above the $30,000 mark for the first time since June 2022 and Galaxy Digital Holdings Ltd BRPHF CEO Mike Novogratz expects it to go much higher.

What To Know: After peaking in late 2021, Bitcoin has been trending lower for a large part of the last two years, but in the next two years, Novogratz expects Bitcoin to make new highs. 

Bitcoin has an all-time high of $68,789.63, which means even though it's up more than 80% in just the last three months, the Galaxy Digital CEO expects the world's largest crypto by market cap to more than double from the $30,000 level. 

"Within two years, we will be through new highs," Novogratz said Tuesday on CNBC's "Squawk Box."

About a year ago, Novogratz came on CNBC and said he expected Bitcoin to bottom around $20,000 and Ethereum ETH/USD to find its footing around $1,000, and he wasn't far off. 

He expects Bitcoin's price appreciation to be driven by its upcoming halving cycle, which is expected to take place about a year from now, as well as by an improved macro backdrop and increased adoption. 

See Also: Unstoppable Bitcoin Reigns Supreme With Incredible Inflows, Dominating Altcoins Like Uniswap, Polkadot, Polygon

Ultimately he sees Bitcoin continuing to trend higher on the back of a regulatory framework, but he didn't provide a timeline for when that might occur. He noted that Coinbase Global Inc COIN is helping set the stage for broader regulations as it faces increased regulatory scrutiny.

Last month, Coinbase received a Wells Notice from the SEC in which the agency made a "preliminary determination" to file an enforcement action against the company alleging violations of federal securities laws. 

Following the SEC notice, Coinbase CEO Brian Armstrong took to Twitter, welcoming the opportunity for Coinbase (and by extension the broader crypto community) to prove the legality of its business before a court. 

Coinbase is like an on-ramp for the crypto space and the company does a good job of educating its users, Novogratz said, adding it's a "really important company in the ecosystem."

"My hope is that they win their case in court on this Wells Notice and they continue to thrive, and I think they will," he said. 

Progress on the regulatory front should eventually lead to the approval of a Bitcoin ETF, which will be a "real big win" for the crypto space and give everyone a safe way to invest, Novogratz said.

The Last Word: Novogratz isn't alone in expecting Bitcoin to soar to new highs in the coming years. Check out how much $100 invested in Bitcoin could be worth in 2030 if Ark Invest founder Cathie Wood's stunning price prediction comes true. 

$BTC Price Action: Bitcoin was last up 4.23% over a 24-hour period at $30,378.34 at the time of writing, according to Benzinga Pro.

This illustration was generated using artificial intelligence via MidJourney.