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Galaxy Digital Founder Michael Novogratz Expects Bitcoin to Trade in Narrow Range for Now

Michael Novogratz, founder of Galaxy Digital Holdings, a leading digital-asset financial services firm, anticipates that Bitcoin will maintain a fairly stable trading range this quarter.

In a conference call after Galaxy Digital disclosed its first-quarter results, Novogratz shared his view that the cryptocurrency market is currently in a consolidation phase.

He noted that major cryptocurrencies such as Bitcoin, Ethereum, and others like Solana are expected to stabilize as their integration into mainstream finance progresses.

Michael Novogratz Expects Bitcoin to Remain in $55,000 to $75,000 Range

Michael Novogratz, the founder of Galaxy Digital Holdings, expects Bitcoin to stay within a range of roughly $55,000 to $75,000 until certain market events or conditions propel the prices upward.

Following a historic bull run in the past two quarters, the cryptocurrency market has entered a phase of stagnation.

This surge was largely fueled by the introduction of spot US Bitcoin exchange-traded funds and the Bitcoin halving event, which cut the supply of new tokens.

However, hopes for interest rate reductions by the Federal Reserve have waned due to consistently strong economic indicators, leading to a decline in Bitcoin prices.

Novogratz referenced the positive momentum seen in the fourth quarter of the previous year and the first quarter of this year.

“I think that is probably where we are, certainly for this quarter, maybe next quarter, until either A, the Fed starts cutting rates because the economy finally slows down, or B, we get through the election and I think the election will bring clarity one way or another to the crypto regulatory landscape,” he stated.

Bitcoin fell by 2.7% on Tuesday, dropping to a price of $61,389.

Since reaching its peak at $73,797 on March 14, the cryptocurrency has seen a 16% decrease.

Galaxy Digital Reports Impressive Results for Q1

Galaxy Digital, headquartered in New York, posted remarkable first-quarter results, with its net income soaring to $421.7 million, more than triple the previous figure, buoyed by an earlier surge in digital assets.

Novogratz underscored the increasing integration of cryptocurrencies within mainstream finance, noting a spike in interest and activities such as lending.

He pointed out that lenders are now prepared to offer unsecured cryptocurrency loans over longer periods, a shift from just six months prior.

Novogratz stressed that the level of engagement in the cryptocurrency sector has escalated significantly compared to past levels.

After Novogratz’s comments, Galaxy Digital’s shares climbed by approximately 1% to $9.28 as of 10:15 a.m. in New York.

The stock has risen about 23% this year, indicative of the positive outlook surrounding the company.

Conversely, technical analyst Rekt Capital notes that Bitcoin has moved past the post-halving “danger zone” and is now in an accumulation phase, evidenced by diminishing selling pressure.

“Bitcoin’s post-halving ‘Danger Zone’ (purple) has officially ended,” the well-known cryptocurrency trader stated in a recent X post.

“Bitcoin is marking this transition with a robust rebound off the low support of the Re-Accumulation Range.”

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I want to save money. Will cryptocurrency work?

Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

Every cryptocurrency has two main components: the units of digital exchange called “coins” and the network within which the exchange takes place. These units can be transferred between wallets and exchanged on exchanges. The networks in which these coins exist are called blockchains, which translates to “chains of blocks.”

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