Markets
Billionaire Mike Novogratz Says New ‘Market Events’ Will Drive Bitcoin, Ethereum and Solana Higher
Galaxy Digital CEO Mike Novogratz predicts new “market events” will propel Bitcoin (BTC) and other crypto assets in the next step.
During Galaxy Digital’s first quarter earnings call, the billionaire said that break out for Bitcoin, Solana (GROUND), Ethereum (ETH) and other digital assets could still be a few months away, after a period of sideways trading.
He says Bitcoin could trade in a range of $55,000 to $75,000 until the upcoming US presidential election in November clarifies crypto regulations or the Federal Reserve cuts interest rates, which he believes could push crypto up.
“Look, we had a lot of tailwinds in the fourth and first quarter – the adoption of [Bitcoin exchange-traded funds] by far the biggest. This was a huge wake-up call: this is now an institutional asset. We also had the halving which we have now put in the rearview mirror. Some also thought the Fed would cut rates significantly this year and that view has changed. This has changed in the market; that has changed here in Galaxy and so I think we are in a consolidation phase in crypto.
Bitcoin, Ethereum and everything else, Solana, will consolidate. What does that mean? It means [Bitcoin trades] probably between $55,000 and $75,000 until the next set of circumstances, the next set of market events will take us higher…
I think that’s probably where we are for this quarter, maybe next quarter until either (a) the Fed starts cutting rates because the economy is finally slowing down, or (b) we have passed the elections and I think the elections will bring clarity, in a sense. or the other, to the crypto regulatory landscape.
Bitcoin is trading at $65,884 at the time of writing, up almost 7% in the last 24 hours. Meanwhile, Ethereum is trading at $3,019 at the time of writing, up 4.4% on the day, and Solana is trading at $155 at the time of writing, up 8.6% on the day. of the last 24 hours.
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