Ethereum

Solana

Galaxy

Bitcoin

Mike Novogratz, the CEO and founder of Galaxy Digital, shared his insights on the current state of the cryptocurrency market.&nbsp;According to Bloomberg, Novogratz predicts that Bitcoin (BTC) will likely remain within a relatively narrow <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-bull-run-over-what-to-expect-now/" target="_blank" rel="noopener ">trading range</a> for the current quarter as the adoption of cryptocurrencies in traditional finance continues to evolve. 
<h2 id="stagnant-crypto-market">Stagnant Crypto Market</h2> 
Per the report, Novogratz <a href="https://www.bloomberg.com/news/articles/2024-05-14/galaxy-s-novogratz-says-bitcoin-to-trade-between-55-000-to-75-000-in-quarter" target="_blank" rel="noopener nofollow">described </a>the current phase in the crypto market as a consolidation period. He emphasized that Bitcoin, Ethereum (ETH), and other cryptocurrencies, including Solana (SOL), are expected to consolidate.&nbsp; 
This consolidation phase suggests that the Bitcoin price will likely trade within a range of approximately $55,000 to $75,000 until significant market events drive prices higher. 
The crypto market has experienced a period of stagnation following the historic bull run witnessed in the past two quarters. This surge was fueled by the launch of spot US Bitcoin exchange-traded funds (ETFs) and the Bitcoin Halving, which reduced the supply of new BTC.&nbsp; 
However, Bitcoin’s price trend reversed due to diminishing optimism surrounding interest rate cuts by the Federal Reserve (Fed), amid consistently strong economic indicators. 
According to Novogratz’s analysis, if his predictions hold, <a href="https://www.newsbtc.com/news/solana/solana-projected-to-reach-500-this-year-despite-market-meltdown-expert-predicts/" target="_blank" rel="noopener ">Solana </a>could continue to consolidate within its current trading range of $120 to $150. This consolidation has been observed over the past month, indicating a period of stability for the cryptocurrency. 
Similarly, Ethereum’s price has closely mirrored Bitcoin’s movements and has traded between the $2,870 and $3,200 levels.&nbsp; 
Ethereum recently failed to consolidate above the significant $4,000 mark reached in mid-March. As a result, Ethereum has experienced a period of <a href="https://www.newsbtc.com/bitcoin-news/timing-the-breakout-when-will-bitcoin-escape-the-post-halving-consolidation/" target="_blank" rel="noopener ">price consolidation</a> within the range above. 
<h2 id="bitcoin-volatility-persists">Bitcoin Volatility Persists</h2> 
Novogratz acknowledged the tailwinds that propelled the market during the fourth quarter of 2023 and the first quarter of 2024.&nbsp; 
Galaxy’s CEO believes that these tailwinds will likely persist throughout the current quarter and possibly the next unless there are significant developments, such as the Fed initiating <a href="https://www.newsbtc.com/bitcoin-news/bitcoin-whales-buying-200000-btc-week-data/" target="_blank" rel="noopener ">rate cuts</a> due to an economic slowdown or until the regulatory landscape becomes clearer after the upcoming election. 
Moreover, Novogratz noted a significant shift in counterparties’ willingness to lend crypto for extended periods without collateral, a trend that was not prevalent just six months ago. He emphasized that engagement in the crypto space has reached a new level, with growing interest from individuals and institutions alike. 
On Tuesday, Bitcoin experienced a 2.7% decline, trading at $61,400. Since achieving a record high of $73,700 on March 14, the largest cryptocurrency in the market has undergone a <a href="https://www.newsbtc.com/news/bullish-on-ethereum-analyst-calls-for-cryptos-imminent-takeoff/" target="_blank" rel="noopener ">16% decline</a>. Despite this, Galaxy Digital reported notable first-quarter results, with net income more than tripling to $421.7 million.&nbsp; 
<img loading="lazy" decoding="async" class="size-large" src="https://www.tradingview.com/x/ZYm84GTr/" alt="Bitcoin" width="1815" height="858"> 
Featured image from Shutterstock, chart from TradingView.com&nbsp;

Bitcoin, Ethereum, And Solana: Galaxy Digital CEO Predicts Next Market Movements

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