Galaxy Digital CEO: Bitcoin will consolidate between $55,000 and $75,000 this quarter

Michael Novogratz, founder and CEO of Galaxy Digital, a digital asset financial services company, pointed out at a first-quarter earnings conference call yesterday (14th) that Bitcoin may be limited to at least this quarter. Consolidating in the relatively narrow range of 55,000 to 75,000 US dollars.

According to reports from Bloomberg and Cointelegraph, Novogratz said at the meeting that we are in a consolidation phase in the cryptocurrency field, and Bitcoin may not rise sharply or reach a new all-time high this season.

“Bitcoin, Ethereum and others, including Solana, are all consolidating, what does that mean? What that means is that before the next set of market conditions, the next set of market events takes us higher, Bitcoin price could be around 55,000 Fluctuating between the US dollar and $75,000.”

The next tailwind will focus on interest rate cuts, the US presidential election

The listing of the US Bitcoin spot ETF in the first quarter of this year, and Bitcoin’s fourth quarter. The two catalyst events of the first halving allowed Bitcoin to reach $73,777 in mid-March, setting a new all-time high and entering a historic bull market cycle.

However, after the stubborn inflation data in the past two months weakened the market’s optimistic expectations for the Federal Reserve to cut interest rates, BTC began to show a downward trend. It once tested the $60,000 mark in early May and is now at At $61,854, it has fallen approximately 16% from its all-time high set on March 14.

Novogratz said that the cryptocurrency market did have a lot of tailwinds in last year's Q4 and this year's Q1. He predicted that the catalyst event for the cryptocurrency market to rebound higher this year may be "the Federal Reserve's interest rate cut and the U.S. presidential election."

"I think that's probably where we'll be this season, maybe next quarter: until A, the Fed starts cutting rates because the economy finally slows down, or B, we get through the presidential election, I It is believed that the election will somehow bring clarity to the cryptocurrency regulatory landscape.” Referring to the trend of reduced inflows into spot ETFs and Bitcoin’s recent decline, he emphasized that the adoption of cryptocurrencies by traditional financial institutions is in full swing. “We continue to see the adoption rate continue to grow...Large companies are only now starting to include cryptocurrencies.” Their system."

He has also seen a clear resurgence of interest in the cryptocurrency industry, as evidenced by an increase in lending activity: "People are willing to lend us crypto unsecured for a long period of time. Currency, this wasn't happening six months ago, but it's happening now. The level of participation in the entire space is different than before."

New York-based Galaxy Digital's financial results are slightly lower this year. It jumped early in the sharp rise in digital assets, with Q1 net profit reaching US$421.7 million, a 40% increase from the previous quarter. The company's stock price has risen nearly 20% so far this year.

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