Mike Novogratz expects Bitcoin to end 2025 between $120K and $125K, pointing to market consolidation, lighter leverage, and slower institutional activity.
Galaxy Digital CEO Mike Novogratz told CNBC on October 22, 2025, that Bitcoin is likely to finish the year between $120,000 and $125,000. His view comes after Bitcoin briefly touched $125,000 earlier in October before losing momentum.
Novogratz described the current setup as a consolidation phase, not a new rally, and said the price range reflects realistic market conditions rather than bullish speculation.
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Novogratz’s Core Bitcoin Price Forecast
Novogratz explained that Bitcoin has already experienced a strong run this year and is now stabilizing. He said the most probable outcome is a closing price between $120,000 and $125,000, as the market digests earlier gains.
The coin’s recent pullback, he added, shows the natural pause that follows a major surge.
He dismissed overly optimistic targets such as $200,000 or $250,000, saying those would require a powerful new catalyst, which he does not see in the current market. His forecast is based on a “base case,” reflecting balanced market conditions, steady liquidity, and limited buying pressure.
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Market Signals Shaping Novogratz’s View
In the CNBC interview, Novogratz pointed to several signs supporting his cautious stance. He said a major deleveraging event earlier in October cleared out nearly $19 billion in speculative positions, slowing momentum.
Institutional inflows also remained weak throughout the month, suggesting fewer large investors are adding to positions.
Bitcoin traded around $107,000 to $110,000 during the interview week, leaving room to reach his upper range but showing no signs of breaking far above it. Novogratz added that until stronger institutional demand returns, prices are likely to remain within the current band.
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Timing And Possible Triggers
Novogratz expects Bitcoin to stay in this range through year-end unless an unexpected policy or political event drives a sharp rally.
He mentioned that one major announcement or government decision could lift prices above $125,000, but he views that as unlikely in the short term.
Conclusion
According to Novogratz, Bitcoin’s end of year price will likely stay under $125,000. He sees a steady market adjusting to earlier gains rather than preparing for another big breakout.
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