Bitcoin can still hit $75k in consolidation phase, Galaxy’s Novogratz says

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As an experienced financial analyst, I share Michael Novogratz’s perspective on the current state of the crypto market. Based on his extensive knowledge and insights, it seems we are in a “consolidation phase,” which could last until the end of 2024. This means that Bitcoin and other major cryptocurrencies may not experience significant growth during this period.

As an analyst, I’d interpret Michael Novogratz’s perspective by saying that according to him, the crypto market is currently experiencing a “period of stabilization,” preventing further significant price increases at this time.

As a crypto investor, I’ve noticed that Michael Novogratz, the CEO of Galaxy Digital, believes we may not see any significant Bitcoin price surge in the near term. He attributes this to the current state of the entire crypto market, which he describes as being in a “consolidation phase” during this quarter. In simpler terms, prices are fluctuating but not making substantial gains or losses.

As a crypto investor following the latest developments, I believe Bitcoin may not reach the $75,000 milestone before we address the ongoing phase’s issues. The market could potentially stay in this phase until as late as Q3 2024. (Novogratz, CEO of a New York-based firm, expressed similar sentiments during a recent conference call after releasing their Q1 financial results.)

As a cryptocurrency analyst, I believe we’re currently experiencing a consolidation period in the market. Bitcoin, Ethereum, Solana, and all other major cryptocurrencies are likely to stabilize within this phase. Consolidation signifies a pause in price movements, which could place us somewhere between the ranges of $55,000 and $75,000 for Bitcoin, $3,800 and $4,500 for Ethereum, and other respective prices for various altcoins. This period precedes the next significant price trend or market event.

Michael Novogratz

Novogratz evaluates the current market situation, predicting it may persist until the Federal Reserve reduces interest rates due to an economic slowdown or until after the presidential election in November 2024. He adds that the election will bring much-needed clarity regarding crypto regulations.

Novogratz eased investors’ concerns by stating that there aren’t any imminent market developments causing alarm for him, indicating a potential lack of flash crashes. However, he emphasized that market prices can be influenced significantly by broader economic factors. For Galaxy Digital, the first quarter of 2024 was a profitable period, with net income amounting to $422 million and assets under management increasing by 50%.

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2024-05-15 15:11