Galaxy Digital CEO Mike Novogratz has a bold prediction for the future of Bitcoin (BTC) and other cryptocurrencies. In a recent earnings call, Novogratz stated that new “market events” will propel these digital assets to the next level.
Novogratz believes that Bitcoin, Solana (SOL), Ethereum (ETH), and other cryptocurrencies may experience a breakout in the coming months after a period of sideways trading. He suggests that Bitcoin could trade between $55,000 and $75,000 until there is more clarity on crypto regulations from the upcoming US presidential election in November or if the Federal Reserve decides to cut interest rates, which could potentially push crypto prices higher.
According to Novogratz, the adoption of Bitcoin exchange-traded funds (ETFs) and the recent halving have been significant factors contributing to the rise of institutional interest in cryptocurrencies. However, the expectation of rate cuts by the Fed has changed, leading to a consolidation phase in the crypto market.
Novogratz anticipates that Bitcoin, Ethereum, Solana, and other cryptocurrencies will consolidate, meaning that their prices will likely remain within the range of $55,000 to $75,000 until the occurrence of the next set of market events that will push the prices higher. He believes that this phase will last at least for this quarter and possibly the next quarter, until either the Fed cuts rates due to a slowdown in the economy or until the election provides clarity on the regulatory landscape for crypto.
As of now, Bitcoin is trading at $65,884, showing a nearly 7% increase in the past 24 hours. Ethereum is currently valued at $3,019, reflecting a 4.4% increase, while Solana is trading at $155, with an 8.6% increase in the last 24 hours.
It’s important to note that the opinions expressed in this article are not investment advice. Investors are advised to conduct their own research and exercise caution when dealing with high-risk investments in Bitcoin, cryptocurrencies, and digital assets. Any financial losses incurred are the responsibility of the individual. The Daily Hodl does not endorse the buying or selling of cryptocurrencies or digital assets, nor does it provide investment advice.
