Mike Novogratz Predicts Bitcoin to Reach $75,000 by June’s End

Bitcoin is currently consolidating within the $55,000–$75,000 range, with prices expected to reach the upper boundary by the end of the second quarter. This was stated by Galaxy Digital CEO Mike Novogratz, according to Cointelegraph.

“Bitcoin, Ethereum, Solana, and other cryptocurrencies will consolidate […] until the next set of market events lifts us higher,” he commented.

The expert noted that he is not overly concerned about the reduced inflow into spot BTC-ETFs, nor the recent decline in the price of digital gold due to the broader trend of its adoption in TradFi.

Galaxy Digital and Invesco launched a product under the ticker BTCO. Since its inception, it has attracted $269 million, according to SoSoValue.

“The whole process [of popularizing bitcoin-based exchange-traded funds] does not happen overnight,” the top manager explained.

According to the expert, many factors that spurred price growth at the beginning of 2024 will persist over the next few months. 

Activity may increase when the Fed begins to lower rates or after the U.S. presidential elections, if “they bring clarity to the regulatory landscape,” he added.

In March, Novogratz ruled out a drop in bitcoin below $50,000 and predicted its rise to $100,000.

Earlier in May, former BitMEX CEO Arthur Hayes suggested that digital gold prices could surpass $60,000 and move towards $70,000 by the end of August. According to him, a recovery on the growth trajectory will be possible due to increased dollar liquidity.