Galaxy Digital CEO Michael Novogratz has made some bearish predictions for Bitcoin (BTC), Ethereum (ETH), and Solana. Novogratz noted on a May 14 conference call that while adoption by traditional investors continues to grow, Bitcoin prices are likely to remain within a narrow range this quarter.
This comes after Bitcoin price saw a correction below $61,000 last week before attempting a rebound. Short-term fluctuations in asset prices led to an increase in liquidations, triggering bullish sentiment for market leaders altcoins and memecoins.
Bitcoin hovers between $55,000 and $75,000: Novogratz
by galaxy digital Founder, Spot Bitcoin ETF's post-approval consolidation phase may not see a sharp rise above this quarter's all-time high, Bloomberg reported.
“We are in the consolidation phase of cryptocurrencies. Bitcoin, Ethereum, and more are all integrated into Solana. What does this mean? It means we're probably going to be between $55,000 and $75,000 until the next set of circumstances, the next set of market events takes us even higher. ”
Novogratz analysis tracks bull market activity in Q1 2024 after spot approval. Bitcoin ETF On January 11th, the momentum of BTC was halved. The asset's price had reached an all-time high of over $72,000 before the recent correction. Macroeconomic factors and industry conditions led to the status quo. Decrease in on-chain activity and trading volumes of top assets also led to a decline in decentralized finance (DeFi) numbers.
The next set of circumstances
Like Novogratz, several bullish traders are counting on the next set of positive market conditions to foster growth in digital assets. Top of list for Fed rate cuts. This is expected to lead to inflows into risk assets and improve the overall outlook.
“Maybe this quarter, maybe next quarter, A. The Fed will start cutting rates because the economy has finally slowed down, or B. We’ll get through the election and think the election will somehow bring some clarity, or one more thing. is the state of cryptocurrency regulation.”
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