Markets
Billionaire Mike Novogratz Says New ‘Market Events’ Will Push Bitcoin, Ethereum, Solana Higher
Galaxy Digital CEO Mike Novogratz Predicts New “Market Events” Will Push Bitcoin (Bitcoin) and other crypto assets in the next step.
In Galaxy Digital’s first-quarter earnings call, billionaire He says that explode for Bitcoin, Solana (SOL), Ethereum (ET) and other digital assets may still be a few months away, after a period of sideways trading.
According to him, Bitcoin could trade in a range between $55,000 and $75,000, until the upcoming US presidential election in November provides clarity on crypto regulations or the Federal Reserve cuts interest rates, which he said warning, it could cause cryptocurrencies to rise.
“Listen, we had a lot of benefits in the fourth and first quarters: the adoption of [Bitcoin exchange-traded funds] by far the largest. This was the giant wake-up call that this is now an institutional asset. We also had the halving which we have now put in the rearview mirror. It was also thought that the Fed would significantly lower rates this year, but this view has changed. It has changed in the market; that’s changed here at Galaxy and so I think we’re in a consolidation phase in the cryptocurrency industry.
Bitcoin, Ethereum and everything else, Solana, will consolidate. What does it mean? It means [Bitcoin trades] probably somewhere between $55,000 and $75,000 until the next set of circumstances, the next set of market events will take us higher…
I think this is probably where we are for this quarter, maybe the next one until (a) the Fed starts cutting rates because the economy finally slows down or (b) we get through the election and I think the elections will bring clarity, in a certain sense. or the other, to the regulatory landscape of cryptocurrencies.”
At the time of writing, Bitcoin is trading for $65,884, up nearly 7% in the past 24 hours. Meanwhile, at the time of writing, Ethereum is trading for $3,019, up 4.4% on the day, while Solana is trading for $155 at the time of writing, up 8.6% in the last 24 hours.
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