Bitcoin can still hit $75k in consolidation phase, Galaxy’s Novogratz says

Bitcoin Consolidation Phase

Galaxy Digital CEO Michael Novogratz believes that the crypto market is currently in a consolidation phase, hindering its growth potential. He anticipates that Bitcoin is unlikely to see a bull run in the near future due to this ongoing phase.

Market Predictions and Regulatory Landscape

Novogratz predicts that the market may remain in this consolidation phase until significant events, such as the Federal Reserve cutting rates or the presidential election in November 2024, provide clarity on the regulatory landscape. He reassures investors that there is no imminent cause for panic in the market, emphasizing the importance of macro forces influencing price fluctuations.

Galaxy Digital Performance and Outlook

In the first quarter of 2024, Galaxy Digital reported impressive financial results, with $422 million in net income and a 50% increase in assets under management. Despite the market’s current state, Novogratz remains confident in the company’s performance and acknowledges the potential impact of external factors on market prices.

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