Galaxy Digital CEO Mike Novogratz has made a bold prediction, stating that Bitcoin (BTC) and other cryptocurrencies will experience significant growth due to upcoming “market events.” During Galaxy Digital’s Q1 earnings call, Novogratz explained that Bitcoin, Ethereum (ETH), Solana (SOL), and other digital assets may still be a few months away from breaking out of their current sideways trading patterns.

Novogratz believes that Bitcoin could trade within the range of $55,000 and $75,000 until either the US presidential election in November offers more clarity on crypto regulations or the Federal Reserve decides to cut interest rates. He suggests that a rate cut could potentially push the value of cryptocurrencies higher.

According to Novogratz, several factors have contributed to the current consolidation phase in the crypto market. These include the adoption of Bitcoin exchange-traded funds (ETFs) by institutional investors, the completion of the halving event, and a shift in expectations regarding the Federal Reserve’s interest rate policy.

Novogratz anticipates that Bitcoin, Ethereum, and other cryptocurrencies like Solana will continue to consolidate until the next significant market events occur, which could drive prices higher. He expects this consolidation phase to last at least throughout this quarter and possibly into the next quarter, until either the Federal Reserve starts cutting rates or the election provides clarity on the regulatory landscape for crypto.

As of now, Bitcoin is trading at $65,884, showing a 7% increase in the last 24 hours. Ethereum is currently valued at $3,019, up 4.4% for the day, while Solana is priced at $155, reflecting an 8.6% increase in the last 24 hours.

It is important to note that the opinions expressed in this article are not investment advice. Investors should conduct their own research and exercise caution when engaging in high-risk investments involving Bitcoin, cryptocurrencies, or digital assets. The Daily Hodl does not endorse the buying or selling of any cryptocurrencies or digital assets, nor does it provide investment advice.