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

Galaxy Digital CEO Michael Novogratz thinks the crypto market has stuck in a “consolidation phase,” blocking it from growing higher.

Bitcoin is unlikely to experience any bull run in the foreseeable future as the whole crypto market has been stuck in the “consolidation phase” this quarter, according to Galaxy Digital‘s boss Michael Novogratz.

During a conference call after the New York-headquartered firm released its financial results for Q1, Novogratz said Bitcoin is unlikely to surpass the $75,000 mark until the current phase is solved, saying the market might still remain in this phase even in Q3 2024.

“I think we’re at a consolidation phase in crypto. Bitcoin, Ethereum and everything else, Solana, will consolidate. What does that mean? It means probably somewhere between 55 and 75 until the next set of circumstances.”

Michael Novogratz

Addressing the current state of the market, Novogratz says it will likely stay in this phase either until the Fed starts cutting rates “because the economy finally slows” or until the market gets through the presidential election in November 2024, saying that the “election will bring clarity, one way or the other, to the crypto regulatory landscape.”

Novogratz also reassured investors by saying “there’s nothing on the horizon that gets me panicked,” implying the market is unlikely to see a flash crash. However, he acknowledged that market prices “can go up and down with the macro forces.” For Galaxy Digital, the first quarter of 2024 was a good one, as the company reported $422 million in net income and a 50% increase in assets under management.