Galaxy Digital CEO Mike Novogratz is predicting that new “market occasions” will propel Bitcoin (BTC) and different crypto belongings to the subsequent leg up.
In Galaxy Digital’s Q1 earnings name, the billionaire says {that a} get away for Bitcoin, Solana (SOL), Ethereum (ETH) and different digital belongings might nonetheless be just a few months away, following a interval of sideways buying and selling.
He says Bitcoin might commerce in a variety of $55,000 and $75,000 till the upcoming US presidential election in November gives readability on crypto rules or the Federal Reserve cuts rates of interest, which he believes might ship crypto increased.
“Pay attention, we had loads of tailwinds in This autumn and Q1 – the adoption of the [Bitcoin exchange-traded funds] by far the most important. That was the enormous wake-up name that that is now an institutional asset. We additionally had the halving that we’ve now put within the rearview mirror. There was additionally a view that the Fed would deliver charges down considerably this yr and that view has modified. It’s modified out there; it’s modified right here in Galaxy and so I feel we’re at a consolidation part in crypto.
Bitcoin, Ethereum and every thing else, Solana, will consolidate. What does that imply? It means [Bitcoin trades] in all probability someplace between $55,000 and $75,000 till the subsequent set of circumstances, the subsequent set of market occasions brings us increased…
I feel that’s in all probability the place we’re definitely for this quarter, perhaps subsequent quarter till both (a) the Fed begins slicing charges as a result of the financial system lastly slows or (b) we get by way of the election and I feel the election will deliver readability, somehow, to the crypto regulatory panorama.”
Bitcoin is buying and selling for $65,884 at time of writing, up practically 7% within the final 24 hours. In the meantime, Ethereum is buying and selling for $3,019 at time of writing up 4.4% on the day and Solana is buying and selling for $155 at time of writing, up 8.6% within the final 24 hours.
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Disclaimer: Opinions expressed at The Each day Hodl should not funding recommendation. Buyers ought to do their due diligence earlier than making any high-risk investments in Bitcoin, cryptocurrency or digital belongings. Please be suggested that your transfers and trades are at your individual danger, and any losses you might incur are your accountability. The Each day Hodl doesn’t advocate the shopping for or promoting of any cryptocurrencies or digital belongings, neither is The Each day Hodl an funding advisor. Please notice that The Each day Hodl participates in affiliate internet marketing.
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