Mike Novogratz believes that the cryptocurrency market is now in a consolidation phase, and we should not expect prices to rise in the short term.
“Bitcoin will likely be somewhere between $55,000 and $75,000 until the next market event pushes the price higher towards the end of the second quarter,” he said.
The CEO of Galaxy Digital clarified that he is not particularly concerned about the outflow of funds into shares of spot bitcoin ETFs, as well as the depreciation of the first cryptocurrency. What is important is that traditional financial institutions accept Bitcoin as a profitable investment tool.
Previously, Galaxy Digital and Invesco released their own spot Bitcoin ETF under the ticker BTCO. Since its inception, the fund has raised just $268 million, the second-highest total inflow among funds behind the Grayscale Bitcoin Trust.
Novogratz said cryptocurrency prices could see gains when the US Federal Reserve starts cutting rates. The expert is confident that after the elections in the United States, we should expect greater clarity in the field of cryptocurrency regulation than now.
Previously, the CEO of Galaxy Digital suggested that the price of Bitcoin will begin to rise again as soon as the world becomes calmer – waging wars costs too much money.
Source: Bits
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