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Galaxy Digital CEO Michael Novogratz believes the crypto market is currently in a “consolidation phase,” hindering its growth potential.
Bitcoin is unlikely to experience a bull run in the near future due to this consolidation phase, according to Michael Novogratz. During a conference call following the release of Galaxy Digital’s Q1 financial results, Novogratz mentioned that Bitcoin is unlikely to surpass the $75,000 mark until this phase is resolved. He suggested that the market might remain in this phase even until Q3 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
Addressing the current state of the market, Novogratz explained that it will likely stay in this phase either until the Federal Reserve starts cutting rates due to an economic slowdown or until the presidential election in November 2024. He believes the election will bring clarity to the crypto regulatory landscape.
Novogratz reassured investors by stating, “there’s nothing on the horizon that gets me panicked,” suggesting that the market is unlikely to see a flash crash. However, he did acknowledge that market prices “can go up and down with the macro forces.”
For Galaxy Digital, the first quarter of 2024 was positive, as the company reported $422 million in net income and a 50% increase in assets under management.
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