Galaxy Digital CEO Michael Novogratz believes the crypto market is currently in a “consolidation phase,” which is preventing significant growth in Bitcoin’s value.
During a recent conference call following the release of Galaxy Digital’s Q1 financial results, Novogratz stated that Bitcoin is unlikely to experience a bull run soon due to this consolidation phase affecting the entire crypto market. He predicted that Bitcoin might not surpass the $75,000 mark until this phase concludes, suggesting the market could remain in consolidation even into Q3 2024.
“I think we’re at a consolidation phase in crypto. Bitcoin, Ethereum, and everything else, Solana, will consolidate. What does that mean? It means probably somewhere between $55k and $75k until the next set of circumstances,” said Novogratz.
He elaborated that the market will likely stay in this phase until the Federal Reserve begins cutting interest rates, which would occur if the economy slows down, or until the presidential election in November 2024 brings regulatory clarity to the crypto landscape.
Despite the current market stagnation, Novogratz reassured investors, stating, “there’s nothing on the horizon that gets me panicked,” implying that a sudden market crash is unlikely. He acknowledged, however, that market prices could fluctuate with broader economic forces.
Galaxy Digital reported a strong first quarter for 2024, with $422 million in net income and a 50% increase in assets under management, reflecting robust performance despite the market’s consolidation.
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