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21 May 2024
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Bitcoin: Novogratz Foresees $55K to $75K Trading Zone

Bitcoin experienced a slight drop earlier today, declining to $61,986.25, even as the dollar weakened. Traders remained cautious ahead of crucial U.S. consumer inflation data, resulting in minimal positive movement for the leading cryptocurrency. Currently, Bitcoin is down 16.5% from its recent all-time high of $73,700, achieved on March 13.

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Amidst this, Mike Novogratz, founder and CEO of Galaxy Digital, shared his outlook on Bitcoin’s near-term price movement during the company’s Q1 earnings call. Novogratz predicts that Bitcoin will fluctuate between $55,000 and $75,000 over the next month, with a potential increase towards the end of Q2. He described the crypto market as being in a “consolidation phase.” He added,

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

This consolidation phase follows an initial surge in demand for spot Bitcoin ETFs from institutional investors. These ETFs, which debuted with significant interest, generated over $13.9 billion in volume during their first week. However, inflows have substantially decreased in recent months, reflecting a broader decline in BTC’s price.

Also Read: El Salvador Uses Volcano-Fuel To Mine 474 Bitcoin Worth $29 Million

Optimism Still Lingers

Despite the decline in ETF inflows, Novogratz remains optimistic about Bitcoin’s future and the overall crypto market. He highlighted the ongoing trend of adoption among traditional financial institutions as a positive indicator for long-term market health.

Galaxy Digital, in collaboration with Invesco, offers its own spot Bitcoin ETF under the ticker BTCO. From the time of its origin, BTCO has attracted $268 million inflows, making it the second lowest in total inflows among similar funds, excluding the Grayscale Bitcoin Trust. Novogratz elaborated on the same and said,

“We continue to see adoption growing […] big players are just now starting to put it through their system. That whole process of wealth managers selling it to their clients isn’t an overnight process.”

Also Read: State of Wisconsin Investment Board Reveals $99M in Bitcoin ETF

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