Billionaire Mike Novogratz Says New ‘Market Events’ To Propel Bitcoin, Ethereum and Solana Higher

On May 16, 2024

Galaxy Digital CEO Mike Novogratz is predicting that new “market events” will propel Bitcoin (BTC) and other crypto assets to the next leg up.

In Galaxy Digital’s Q1 earnings call, the billionaire says that a break out for Bitcoin, Solana (SOL), Ethereum (ETH) and other digital assets could still be a few months away, following a period of sideways trading.

He says Bitcoin could trade in a range of $55,000 and $75,000 until the upcoming US presidential election in November provides clarity on crypto regulations or the Federal Reserve cuts interest rates, which he believes could send crypto higher.

“Listen, we had a lot of tailwinds in Q4 and Q1 – the adoption of the [Bitcoin exchange-traded funds] by far the biggest. That was the giant wake-up call that this is now an institutional asset. We also had the halving that we’ve now put in the rearview mirror. There was also a view that the Fed would bring rates down significantly this year and that view has changed. It’s changed in the market; it’s changed here in Galaxy and so I think we’re at a consolidation phase in crypto.

Bitcoin, Ethereum and everything else, Solana, will consolidate. What does that mean? It means [Bitcoin trades] probably somewhere between $55,000 and $75,000 until the next set of circumstances, the next set of market events brings us higher…

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.”

Bitcoin is trading for $65,884 at time of writing, up nearly 7% in the last 24 hours. Meanwhile, Ethereum is trading for $3,019 at time of writing up 4.4% on the day and Solana is trading for $155 at time of writing, up 8.6% in the last 24 hours.

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