In his most recent thoughts, Michael Novogratz, CEO of Galaxy Digital, says that Bitcoin’s rise to $75,000 is still possible, even though the crypto market is currently in a phase of stabilization.
In a conference call after the Q1 financial results, Novogratz described the crypto market as being in a consolidation phase. He said that Bitcoin’s path to reaching the $75,000 mark might be slowed down until this phase ends. He also said that this phase might last until at least the third quarter of 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
Novogratz: Economic Factors Shape Market
The CEO connected the current state of the market to more expansive economic factors. He hinted that big changes might happen when the Federal Reserve changes interest rates or when the 2024 presidential election results come in. These changes could make the rules that govern cryptocurrencies clearer.
Novogratz tried to reassure investors, even though things are unclear, by saying that there aren’t any immediate threats that could cause panic. But he did say that the market is volatile because of forces in the economy as a whole.
Galaxy Digital had a good first quarter of 2024, with a net income of $422 million and a notable 50% rise in assets under control.
