Bitget CEO Gracy Chen says Bitcoin’s recent strength may not be enough to break it out of a relatively familiar trading band for the rest of the year. Speaking on Cointelegraph’s Trade Secrets podcast, Chen argued that macroeconomic conditions—especially interest-rate expectations—are likely to remain a major driver of the asset’s direction.
Chen cautioned that forecasting whether Bitcoin finishes 2024 above or below the $70,000 level is inherently uncertain. Her base case, however, points to Bitcoin staying “around the same range,” with a wide but defined margin of error.
Key takeaways
- Chen expects Bitcoin to trade broadly near current levels through year-end, citing interest-rate and macroeconomic uncertainty.
- Higher interest rates could theoretically weigh on prices, reflecting Bitcoin’s growing linkage to traditional finance.
- She described a “more responsible” forecast: Bitcoin could end the year roughly $10,000 to $20,000 above or below current levels.
- Chen is skeptical the US will begin active Bitcoin purchases for a national reserve before the end of President Donald Trump’s term.
Macro pressure and Bitcoin’s sensitivity to rates
Chen’s central point is that Bitcoin is increasingly influenced by the same forces that move risk assets—particularly interest-rate expectations. In her view, the debate for investors is not only about crypto fundamentals, but also about where rates and broader conditions settle as the year progresses.
When asked about the possibility of Bitcoin ending the year above or below $70,000, Chen said it’s difficult to make a clean call. She highlighted that the market could be pressured if interest rates rise. “If any of that happens, the price should go down, at least theoretically,” she said, linking her outlook to Bitcoin’s deeper integration with traditional finance.
That framing matters because it shifts the focus from purely crypto-specific catalysts to a wider macro calendar. In practical terms, traders looking for directional confirmation may need to pay close attention to how rate expectations evolve—rather than assuming momentum from recent rallies automatically translates into sustained upside.
A forecast built around uncertainty
While Chen acknowledged Bitcoin could move meaningfully, she presented her outlook as a range rather than a target. “My guess is maybe around the same range,” she said, adding that Bitcoin could finish the year $10,000 to $20,000 above or below current levels.
Her “more responsible” forecast underscores a key theme: strong momentum does not remove the possibility of setbacks when macro variables turn less supportive. For market participants, the implication is that risk management may deserve more weight than prediction-making—especially when the expected outcome is a broad band rather than a single-number resolution.
US reserve strategy: what’s already in motion
Chen also addressed the question many investors have been tracking: whether the US government will escalate from holding seized or forfeited Bitcoin to actively buying BTC for a national reserve.
Her stance was skeptical. She argued that it is unlikely for the US to begin such purchases before the end of President Donald Trump’s term, calling the scenario improbable within the next two years.
That skepticism comes after a relevant policy development. According to the White House, the administration established a Strategic Bitcoin Reserve in March 2025 using BTC already forfeited to the federal government, while directing officials to explore budget-neutral strategies for acquiring additional BTC.
The distinction between “using forfeited BTC” and “actively purchasing” is important. Chen’s comments suggest that, even in a broadly crypto-friendly political environment, turning reserve plans into sustained market purchases would likely require more than executive direction.
Why active purchases may face political friction
Chen said that actively buying Bitcoin would represent a larger policy decision. In her view, it would likely require debate across lawmakers and political parties, even if the administration has generally signaled support for the industry.
“From a policy perspective, it’s probably unlikely,” she said. “I just don’t see it coming right now.”
On the current holdings side, Chen pointed implicitly to the existing government balance rather than a new buying cycle. BitcoinTreasuries.NET estimates the US government holds about 328,372 BTC, with much of it stemming from law enforcement seizures and asset forfeitures rather than direct purchases. The site’s government holdings page is available at BitcoinTreasuries.NET.
For investors, the takeaway is that the US reserve story may continue to develop on two tracks: (1) managing and reporting existing holdings formed through enforcement actions, and (2) evaluating whether any additional acquisition plans can be implemented in a politically and budgetarily feasible way. Chen’s comments indicate she does not expect the second track to accelerate soon.
Going forward, readers should watch how rate expectations and macro data shape sentiment around Bitcoin’s correlations with traditional markets, and how policymakers operationalize—or delay—any “budget-neutral” acquisition mechanisms tied to the Strategic Bitcoin Reserve. Those two threads may ultimately determine whether Bitcoin keeps trading in its current band or escapes it.
