A well-known investor has given a prediction on where the price of Bitcoin will fluctuate over the next month.
Mike Novogratz, head of Galaxy Digital, predicts that the price of Bitcoin will rise by the end of the second quarter. He expects the cryptocurrency to fluctuate between $55,000 and $75,000 in the coming month. Novogratz believes that the market is now in a consolidation phase and the situation will change by the end of the quarter.
“Bitcoin, Ethereum, Solana and others are in the process of consolidation. This means we will likely remain in the $55,000 to $75,000 range until market conditions change.”
Demand for spot Bitcoin ETFs in the US has weakened in recent weeks. But Novogratz isn't worried.
“The big players are just starting to implement this into their systems. The process of asset management companies integrating assets for their clients takes time.”
Novogratz also believes that this year's US presidential election will bring clarity regarding cryptocurrency regulation.
