Bitcoin
Galaxy’s Novogratz says Bitcoin could reach $75,000
Michael Novogratz, CEO of Galaxy Digital, believes that the cryptocurrency market is in a “consolidation phase”, which prevents it from rising further. He also made some unfavorable predictions for Solana, Ethereum (ETH), and Bitcoin (BTC).
Novogratz stated during a conference call on May 14 that since the entire cryptocurrency market has been stuck in the “consolidation phase” this quarter, a bull run for Bitcoin is unlikely to occur anytime soon.
Following the New York-based company’s Q1 financial results, Novogratz stated that Bitcoin is unlikely to surpass the $75,000 threshold until the current phase is resolved. He added that the market could still be at this stage in the third quarter of 2024.
Novogratz said: “I think we are in a consolidation phase in crypto. Bitcoin, Ethereum and everything else, Solana, will consolidate. What does that mean? It probably means somewhere between 55 and 75 years until the next set of circumstances.”
Novogratz comments on the current state of the market, predicting it will persist until the Fed cuts rates due to the slowing economy or until after the November 2024 presidential election. He predicts the election will provide clarity on the crypto regulatory landscape.
Novogratz offered reassurance to investors, saying there are no imminent concerns that could cause panic, suggesting a low probability of a flash crash in the market.
He acknowledged the influence of macroeconomic factors on market fluctuations, emphasizing Galaxy Digital’s positive performance in the first quarter of 2024, with US$422 million in net profit and a 50% increase in assets under management.
Novogratz analysis tracks the bullish market surge in Q1 2024, which coincides with the momentum surrounding the BTC halving and the approval of spot Bitcoin ETFs. Before the latest fixes, the the price of bitcoin has reached an all-time high of over $72,000.
Read too: Jack Dorsey predicts Bitcoin price at $1 million by 2030