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20 May 2024
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Michael Novogratz Predicts Flat Price Movement for Leading Cryptos

Michael Novogratz Predicts Flat Price Movement for Leading Cryptos

  • Novogratz predicted that Bitcoin’s price would stay relatively flat this quarter.
  • Crypto prices will continue to rise as soon as a new wave of favorable conditions arrives.

Michael Novogratz, CEO of Galaxy Digital, has expressed pessimism about the short-term future of Solana, Ethereum, and Bitcoin. While adoption from more conventional investors increases, Novogratz predicted that Bitcoin’s price would stay relatively flat this quarter on a May 14 conference call.

Following last week’s corrections that saw Bitcoin’s price drop below $61,000, the cryptocurrency is again trying to recover. Optimism in Bitcoin, altcoins, and memecoins has been stoked by the increasing liquidations caused by the asset’s short-term price volatility.

Under Consolidation Phase

There may not be a dramatic increase beyond the all-time high this quarter, according to the Galaxy Digital Founder, who was quoted by Bloomberg as saying this during the consolidation period after the introduction of spot Bitcoin ETFs

The CEO stated:

“We are in the consolidation phase in crypto. Bitcoin, Ethereum, and everything else, Solana will consolidate, what does that mean? It means probably somewhere between $55,000 and $75,000 until the next set of circumstances, the next set of market events bring us higher.”

After the approval of spot Bitcoin ETFs on January 11 and the momentum of the BTC halving, the market saw a positive surge in Q1 2024, according to Novogratz’s estimate. The asset’s price peaked at about $73,000 prior to the recent declines. The current state of affairs is a result of both sector circumstances and macroeconomic considerations.

The decline in decentralized finance (DeFi) figures is a direct result of the decline in on-chain activity and trading volumes in top assets. Digital asset prices, according to Novogratz and other optimistic traders, will continue to rise as soon as a new wave of favorable market conditions arrives. 

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