Mike Novogratz Forecasts Crypto's Next Move: Predicts Price Surge by Quarter's End

Galaxy Digital's founder and CEO, Mike Novogratz, believes that the cryptocurrency market is currently undergoing a "consolidation phase," anticipating a potential uptick in prices by the end of the current quarter.

During Galaxy Digital's first quarter earnings call, where the company reported record quarterly revenue, Novogratz stated that cryptocurrencies like Bitcoin and Ethereum are likely to remain within the $55,000 to $75,000 range over the next month. However, he expressed optimism for a rebound towards the end of the quarter.

Novogratz continued, "Bitcoin, Ethereum, and everything else, Solana will consolidate... until the next set of circumstances, the next set of market events brings us higher."

Despite recent declines in inflows for spot Bitcoin exchange-traded funds (ETFs) and Bitcoin's price slipping by 16.5% from its recent all-time high, Novogratz remains unperturbed. He emphasized the growing adoption of cryptocurrencies among traditional financial institutions.

Galaxy Digital, in collaboration with Invesco, launched its own spot Bitcoin ETF (BTCO), which has seen modest inflows since inception.

Looking ahead, Novogratz highlighted potential catalysts for crypto market movements, such as the United States Federal Reserve's rate cuts or outcomes from the upcoming U.S. presidential election, which could bring regulatory clarity to the crypto landscape.

Despite fluctuations, Galaxy Digital posted a strong net income of $421.7 million for the first quarter, driven by record revenue from mining operations and management fees.