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Mike Novogratz: Bitcoin price will soon rise to $75,000

Bitcoin is in a consolidation phase between $55,000 and $75,000; by the end of the second quarter, quotes will reach its upper limit. This was stated by Galaxy Digital CEO Mike Novogratz, writes Cointelegraph.

“Bitcoin, Ethereum, Solana and other cryptocurrencies will consolidate […]until the next set of market events takes us higher,” he commented.

The expert noted that he is not too concerned about the decline in inflows into spot BTC-ETFs, nor is he overly concerned about the recent drop in the price of digital gold due to the broader trend of its adoption TradFi.

Galaxy Digital and Invesco released the product under the ticker BTCO. Since its inception, it has raised $269 million, according to SoSoValue.

“This whole process [популяризации биржевых фондов на базе биткоина] doesn’t happen overnight,” explained the top manager.

According to the expert, many of the factors that drove prices higher in early 2024 will continue over the next few months.

Activation may occur when Fed will begin lowering rates or after the US presidential election if “they bring clarity to the regulatory landscape,” he added.

In March, Novogratz ruled out Bitcoin falling below $50,000 and predicted its rise to $100,000.

In early May, ex-CEO of BitMEX Arthur Hayes allowed digital gold quotes to overcome the $60,000 level and move towards $70,000 by the end of August. According to him, restoration to the growth trajectory will be possible due to increased dollar liquidity.

Source: Cryptocurrency

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