Galaxy Digital CEO Mike Novogratz predicts new “market events” will propel Bitcoin (BTC) and other crypto assets to the next level.
During Galaxy Digital's Q1 earnings report, Billionaire said after some time of sideways trading, a breakout for Bitcoin, Solana (SOL), Ethereum (ETH) and other digital assets is still months away. He said it was possible.
He said Bitcoin could trade in the $55,000 to $75,000 range until the U.S. presidential election, scheduled for November, clarifies crypto regulations or the Federal Reserve cuts interest rates. He said that he believes that this could cause virtual currency prices to rise.
“Listen, we had a lot of tailwinds in the fourth quarter and the first quarter. [Bitcoin exchange-traded funds] It's the biggest one ever. That was a big wake-up call that this is now an institutional asset. There was also a half piece that now sits in the rear view mirror. There was a view that the Fed would significantly lower interest rates by the end of the year, but that view has changed. Changes are occurring in the market. That has changed here in the Galaxy, so I think we are in the consolidation phase of cryptocurrencies.
Bitcoin, Ethereum, everything else, Solana integrates with it. What does that mean?What does that mean? [Bitcoin trades] It will probably be between $55,000 and $75,000 until the next set of circumstances occurs. The following series of market events will take us further higher…
I think that's definitely going to happen this quarter, but probably next quarter, either (a) the economy finally slows down and the Fed starts cutting rates, or (b) we get through the election and unilaterally the election provides clarity. I think it will continue until one of those things happens. Or influence the cryptocurrency regulatory landscape. ”
At the time of writing, Bitcoin was trading at $65,884, up nearly 7% in the past 24 hours. Meanwhile, Ethereum is up 4.4% on the day, trading at $3,019 at the time of writing, and Solana is trading at $155 at the time of writing, up 8.6% in the past 24 hours.
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