Bitcoin’s potential to reach $75k remains intact during its consolidation phase, says Galaxy.
Galaxy Digital CEO Michael Novogratz believes that the cryptocurrency market is currently in a state of stagnation, hindering its potential for growth. He specifically mentions that Bitcoin is unlikely to experience a bull run in the near future due to this consolidation phase. Novogratz suggests that the market may continue to be stuck in this phase until at least the third quarter of 2024.
During a conference call to discuss the company’s Q1 financial results, Novogratz explained that the market will likely remain in this phase until the Federal Reserve begins to lower interest rates or until after the presidential election in November 2024. He believes that the election will bring clarity to the regulatory landscape of the cryptocurrency industry.
Despite these observations, Novogratz reassured investors by stating that there are no imminent concerns that would cause a major market crash. However, he acknowledged that market prices are influenced by macroeconomic factors. Galaxy Digital had a successful first quarter, with $422 million in net income and a 50% increase in assets under management.
In other news, an analyst has predicted that Bitcoin could reach $52,000, despite a decline in whale activity.
