ihodl.com
According to Mike Novogratz, founder and CEO of Galaxy Digital, the price of Bitcoin is expected to fluctuate between $55,000 and $75,000 over the next month, with the potential to increase as the second quarter comes to an end.
Speaking during Galaxy Digital's first quarter earnings presentation, Novogratz indicated that cryptocurrency markets are in a "consolidation phase."
He predicted that prices could rise towards the end of the current quarter:
"Bitcoin, Ethereum, and everything else, Solana will consolidate. What does that mean? It means probably somewhere between 55 and 75 until the next set of circumstances, the next set of market events brings us higher."
Initially, spot Bitcoin ETFs saw strong demand from institutional investors, generating more than $13.9 billion in volume in their first week.
However, inflows have slowed significantly in recent months due to a more generalized drop in the underlying asset price.