Galaxy Digital CEO Mike Novogratz predicts that upcoming “market events” will drive Bitcoin (BTC) and other cryptocurrencies to new heights.
Consolidation Phase
According to Novogratz, Bitcoin, Ethereum (ETH), Solana (SOL), and other digital assets are currently in a consolidation phase, trading within a range of $55,000 to $75,000. This phase is expected to continue until key events, such as the US presidential election in November or a change in interest rates by the Federal Reserve, provide clarity on crypto regulations.
Catalysts for Growth
Novogratz believes that a rate cut by the Fed or a resolution of the crypto regulatory landscape could trigger a rally in the crypto market.
“I think that’s probably where we are certainly for this quarter, maybe next quarter until either (a) the Fed starts cutting rates because the economy finally slows or (b) we get through the election and I think the election will bring clarity, one way or the other, to the crypto regulatory landscape,” he said.
Current Market Performance
At the time of writing, Bitcoin is trading at $65,884, up nearly 7% in the last 24 hours. Ethereum is at $3,019, up 4.4%, and Solana is at $155, up 8.6%.
