zycrypto.com
Mike Novogratz, one of the first crypto billionaires and founder of financial services company Galaxy Digital, predicted that Bitcoin would likely remain within the $55k-$75k price range for now. Novogratz is known for his long-term bullish position on Bitcoin, but he believes that crypto’s penetration in conventional finance will take time. His company has benefitted from the massive price gains made by Bitcoin in the first two quarters of 2024.
Novogratz Reveals Massive Quarterly Figures for Galaxy Digital
Novogratz was speaking at a conference call as his company unveiled its first performance of the first quarter; net income has surged 300% to a massive $421 million. He said:
“We are in the consolidation phase in crypto. Bitcoin, Ethereum, and everything else Solana will consolidate; what does that mean? It means probably somewhere between $55,000 and $75,000 until the next set of circumstances, the next set of market events bring us higher,”
The crypto market, especially BTC itself, has remained stagnant for several weeks as the hype around the spot Bitcoin ETFs and the Bitcoin Halving cooled off. This is happening after a record pre-halving run by the premier digital currency. It has risen around 78% since the turn of the year, one of the biggest surprises in the crypto market’s history.
Bitcoin is starting to consolidate, Novogratz argues, and the recent one-month price movement supports his claim:
The premier crypto asset has been trading between the relatively narrow $60k-$67k trading range for much of the last 30 days, apart from a brief drop to $57k at the start of this month. According to Novogratz, his proposed $55k-$75k trading range will be the status quo, at least for this quarter and probably the next one. Novogratz is known to make accurate predictions, just like he did with the approval of spot Bitcoin ETFs in December.
What Could be the Next Bullish Signal for the Crypto Market?
The cryptocurrency markets are looking for a new external stimulus to kickstart the next stage of the 2024-2025 bull market. Novogratz believes it can be either a successful general election that brings regulatory clarity to crypto or a rate cut by the US Federal Reserve.
The US election is in November, while a rate cut remains elusive because of the current economic situation. So, the two probable stimuli proposed by the first crypto billionaire Reserve are unlikely to present themselves shortly, thus prolonging the current consolidation phase.