Galaxy Digital CEO Mike Novogratz predicts a new “market event” will take Bitcoin (BTC) and other cryptocurrency assets to the next level.
During Galaxy Digital’s first quarter earnings call, the billionaire said a breakout in Bitcoin, Solana (SOL), Ethereum (ETH) and other digital assets may still be months away after trading sideways for some time.
He said Bitcoin could trade in the $55,000 to $75,000 range until there is clarity on cryptocurrency regulation in the upcoming US presidential election in November or the Federal Reserve cuts interest rates.
“Listen, we had a lot of tailwinds in the fourth and first quarter. (Bitcoin exchange traded fund) adoption was the biggest one. That was a huge wake-up call that this was now an institutional asset. We also currently have half of it put in the rear view mirror. There was some speculation that the Federal Reserve would cut interest rates significantly this year, but that view has changed. There has been a change in the market. Because that has changed here at Galaxy, I think we are in the cryptocurrency consolidation phase.
Bitcoin, Ethereum, Solana, everything will be integrated. What does that mean? This means that by the time the next thing happens (Bitcoin will trade) it will probably be between $55,000 and $75,000. The next market event will bring us higher levels.
Until (a) the Fed starts cutting interest rates because the economy finally slows, or (b) we get through the election and I think the election will be clear in one direction, I don’t think that’s definitely where we’ll be this quarter, maybe next quarter. I think. Or the other is about the cryptocurrency regulatory environment.”
Bitcoin is trading at $65,884 at the time of writing, up nearly 7% in the last 24 hours. Meanwhile, Ethereum is trading at $3,019, up 4.4% at the time of writing, while Solana is trading at $155, up 8.6% over the last 24 hours at the time of writing.
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