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Bitcoin can still reach $75,000 in consolidation, says Galaxy’s Novogratz
Michael Novogratz, CEO of Galaxy Digital, believes the cryptocurrency market is stuck in a “consolidation phase,” preventing it from growing.
Bitcoin a bull run is unlikely to occur in the near future as the entire cryptocurrency market has been stuck in the “consolidation phase” this quarter, according to Digital GalaxyMichael Novogratz’s boss.
During a telephone conference After the New York-based company released its financial results for the first quarter, Novogratz said Bitcoin is unlikely to break above the $75,000 mark until the current phase is resolved, saying the market could remain at this stage also in the third quarter of 2024.
“I think we are in a consolidation phase in the cryptocurrency industry. Bitcoin, Ethereum and everything else, Solana, will consolidate. What does it mean? That probably means between 55 and 75 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 moves past the presidential election in November 2024, saying That “election will bring clarity, one way or another, to the cryptocurrency regulatory landscape.”
Novogratz also reassured investors by saying that “there is nothing on the horizon to make me panic”, suggesting that the market is unlikely to see a sudden collapse. However, he acknowledged that market prices “can go up and down with macroeconomic forces.” For Galaxy Digital, the first quarter of 2024 was strong, as the company reported net income of $422 million and a 50% increase in assets under management.