- Galaxy Digital CEO, Mike Novogratz, has made predictions about the short-term price movements of Bitcoin (BTC).
- Novogratz, speaking about Galaxy Digital’s Q1 earnings, said that the crypto markets are currently in an “accumulation phase” and predicted that prices will rise to higher levels by the end of this quarter.
- He stated, “Bitcoin, Ethereum, and Solana will strengthen. What does this mean? It probably means that Bitcoin will be somewhere between $55,000 and $75,000 for the next cycle, the next process will take us higher.”
Galaxy Digital CEO predicts Bitcoin’s short-term price movements, suggesting that the crypto markets are in an accumulation phase with prices expected to rise by the end of the quarter.
Crypto markets heat up!
According to TradingView data, Bitcoin fell 16.5% from its all-time high of $73,700 reached on March 13. Novogratz is not too worried about the declining entries into spot Bitcoin ETFs and pointed to a broader adoption trend among traditional financial institutions. Galaxy Digital and its model firm Invesco are publishing their own spot Bitcoin ETFs carrying the BTCO code. The fund has only recorded $268 million in entries since its establishment; this development was the second-lowest total entry among all funds, excluding the Grayscale Bitcoin Trust.
Factors driving price movement
Novogratz said that many of the factors driving the price movement will continue over the next few months and looked at various statistics for the progression of the crypto market price movement. The CEO of Galaxy Digital said that crypto asset prices could start to recover when the US Federal Reserve begins to lower interest rates or alternatively when we see a positive result from the upcoming US presidential elections. Novogratz said, “We got through the election and I think the election will bring clarity to the crypto regulation environment one way or another.”
Conclusion
In addition to these, Galaxy Digital achieved a net income of $421.7 million in the first quarter, up 40% from the last quarter of 2023. The income was supported by record income from mining activities and management fees. This article does not contain investment advice or recommendations. Every investment and trading move involves risk and readers should conduct their own research when making a decision.
