Mike Novogratz, founder of digital asset financial services company Galaxy Digital, predicted that Bitcoin will remain in a relatively narrow trading range between $55,000 and $75,000 for at least the current quarter.
Novogratz said during a conference call after the firm's first-quarter results were announced:
“We are in the consolidation phase in crypto. Bitcoin, Ethereum and everything else, plus Solana will consolidate. What does it mean? “Next conditions likely mean somewhere between $55,000 and $75,000 until the next market events push us higher.”
“We had a lot of positive impact in Q4 and Q1,” Novogratz said.
“I think we're probably at that point this quarter, maybe next quarter, until the Fed starts lowering interest rates as the economy finally slows down or we get through the elections, and I think the elections will bring some clarity to the crypto regulatory landscape one way or another.”
Novogratz said that the adoption of crypto in traditional finance is in full swing and interest in the sector is growing again, evident in the increase in activities such as lending.
“People are willing to lend us crypto unsecured for a long period of time, which didn't happen six months ago and is happening now,” Novogratz said.
*This is not investment advice.