Bitcoin
Bitcoin could still reach US$75,000 in consolidation phase, says Galaxy’s Novogratz
Galaxy Digital CEO Michael Novogratz believes the crypto market is stuck in a “consolidation phase,” preventing it from growing.
Bitcoin is unlikely to experience any bull run in the near future as the entire crypto market has been stuck in the “consolidation phase” this quarter, according to Digital GalaxyThe head of the company, Michael Novogratz.
During a conference call After the New York-based company released its financial results for the first quarter, Novogratz said Bitcoin is unlikely to break the $75,000 mark until the current phase is resolved, saying the market could still remain at this stage even in the third quarter of 2024.
“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.”
Michael Novogratz
Addressing the current state of the market, Novogratz says it will likely remain in this phase until the Fed starts cutting rates “because the economy finally slows down” or until the market gets past the presidential election in November 2024, saying that “election will bring clarity, one way or another, to the crypto regulatory landscape.”
Novogratz also reassured investors by saying “there is nothing on the horizon that would make me panic”, implying that the market is unlikely to see a flash crash. However, he acknowledged that market prices “can move up and down with macro forces.” For Galaxy Digital, the first quarter of 2024 was a good one, as the company reported net income of $422 million and a 50% increase in assets under management.