Galaxy Digital CEO Mike Novogratz is predicting that new “market occasions” will propel Bitcoin (BTC) and different crypto belongings to the following leg up.
In Galaxy Digital’s Q1 earnings name, the billionaire says {that a} escape for Bitcoin, Solana (SOL), Ethereum (ETH) and different digital belongings may nonetheless be a couple of months away, following a interval of sideways buying and selling.
He says Bitcoin may commerce in a variety of $55,000 and $75,000 till the upcoming US presidential election in November gives readability on crypto rules or the Federal Reserve cuts rates of interest, which he believes may ship crypto larger.
“Hear, we had lots of tailwinds in This autumn and Q1 – the adoption of the [Bitcoin exchange-traded funds] by far the most important. That was the large wake-up name that that is now an institutional asset. We additionally had the halving that we’ve now put within the rearview mirror. There was additionally a view that the Fed would convey charges down considerably this 12 months and that view has modified. It’s modified available in the market; it’s modified right here in Galaxy and so I feel we’re at a consolidation section in crypto.
Bitcoin, Ethereum and the whole lot else, Solana, will consolidate. What does that imply? It means [Bitcoin trades] in all probability someplace between $55,000 and $75,000 till the following set of circumstances, the following set of market occasions brings us larger…
I feel that’s in all probability the place we’re definitely for this quarter, possibly subsequent quarter till both (a) the Fed begins reducing charges as a result of the financial system lastly slows or (b) we get by means of the election and I feel the election will convey readability, in some way, to the crypto regulatory panorama.”
Bitcoin is buying and selling for $65,884 at time of writing, up almost 7% within the final 24 hours. In the meantime, Ethereum is buying and selling for $3,019 at time of writing up 4.4% on the day and Solana is buying and selling for $155 at time of writing, up 8.6% within the final 24 hours.
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