TL;DR
- Michael Novogratz anticipates a period of stability in Bitcoin’s price in the current quarter, signaling a consolidation phase in the crypto market.
- Novogratz expects BTC and other popular cryptocurrencies to remain within narrow price ranges as adoption in traditional finance continues.
- A technical analysis by Rekt Capital suggests that BTC has surpassed the post-halving “danger zone” and entered an accumulation phase.
Galaxy Digital Holdings founder Michael Novogratz has shared his expectations regarding Bitcoin’s future behavior, anticipating a period of relative stability in the cryptocurrency’s price during the current quarter. Novogratz pointed out that the crypto market seems to be in a consolidation phase currently.
According to Mike, Bitcoin, Ethereum, and other popular cryptocurrencies like Solana could stay within narrow price ranges as adoption in traditional finance progresses.
Specifically, Novogratz expects Bitcoin’s price to remain within the approximate range of $55,000 to $75,000 in the short term, unless specific events occur to drive prices higher.
The forecast comes at a time when the market has experienced a period of relative calm after the bullish rally observed in the last two quarters. The increase was primarily driven by the launch of Bitcoin exchange-traded funds in the United States and Bitcoin’s halving, which reduced the rate of new coin creation.
Bitcoin Enters an Accumulation Phase
However, initial optimism about interest rate cuts by the Federal Reserve has been dampened by solid economic indicators, contributing to a downward trend in Bitcoin’s price in recent times.
Novogratz also highlighted Galaxy Digital’s impressive financial performance in the first quarter, with a significant increase in net income driven by the strong rally of digital assets earlier this year. Additionally, he emphasized the growth of cryptocurrency adoption in traditional finance, especially due to increased lending activity and lenders’ interest in providing unsecured cryptocurrency loans for longer periods.
Meanwhile, a technical analysis by Rekt Capital suggests that Bitcoin has moved past the post-halving “danger zone” and entered an accumulation phase, marking a new chapter in the leading cryptocurrency’s trajectory.
