According to Mike Novogratz, the founder and CEO of Galaxy Digital, Bitcoin‘s price will likely remain in the range of $55,000 to $75,000 in the coming month.
Novogratz believes that the cryptocurrency market is currently in a consolidation phase and predicts that prices will rebound towards the end of the second quarter.
Despite a decrease in inflows for Spot Bitcoin exchange-traded funds (ETFs) and a recent decline in Bitcoin’s price, Novogratz remains optimistic about the broader adoption of cryptocurrencies by traditional financial institutions.
He also suggests that several factors, such as the U.S. Federal Reserve cutting rates or a favorable outcome from the upcoming U.S. presidential election, could potentially drive price action in the crypto market.
Galaxy Digital reported strong financial results for the first quarter, with record revenue from mining operations and management fees contributing to a net income of $421.7 million.
Source: COINTELEGRAPH
