Mike Novogratz, CEO and founder of Galaxy Digital, recently shared his analysis of the current state of the cryptocurrency market. He says that Bitcoin (BTC) is likely to stay in a fairly stable trade range for the rest of the quarter, even though traditional finance is becoming more open to cryptocurrencies.
As Bloomberg reported, Novogratz thinks that Bitcoin’s price will stay in a narrow range. This is similar to what has been seen with other significant cryptocurrencies like Ethereum (ETH) and Solana (SOL).
Novogratz’s Market Analysis
During this time of consolidation, Bitcoin’s value may stay between $55,000 and $75,000 until major market factors push prices higher. After a long bull run, the market has now entered a time of stability. This was caused by events like the launch of US Bitcoin exchange-traded funds (ETFs) and the Bitcoin Halving event, which slowed the flow of new Bitcoin into circulation.
But Bitcoin’s price changed direction when people became less optimistic about possible interest rate cuts from the Federal Reserve (Fed) and economic signs continued to show strong growth.
Novogratz’s analysis includes Solana and predicts that it will continue to consolidate within a trading range of $120 to $150. This is a pattern that has been seen over the past few months and points to a time of price stability for the asset. In the same way, Ethereum’s price has moved very similarly to Bitcoin’s, bouncing around between $2,870 and $3,200 and not being able to stay above the important $4,000 mark reached in mid-March.
Novogratz sees that the market’s progress in late 2023 and early 2024 will likely continue through this quarter and possibly beyond, unless major events happen, like the Fed changing rates or regulators making clear rules after the election.
Novogratz also pointed out an important shift in the way counterparties are willing to give crypto for a long time without collateral, which is different from how things were just six months ago. This increased activity shows that both individual and professional investors are becoming more and more interested in cryptocurrencies.
