Novogratz expects Bitcoin to trade between $55,000 and $75,000 for the next month. Stating that the markets are currently in a “consolidation phase,” the investor expects this to change by the end of the second quarter.

“Bitcoin, Ethereum, Solana, and everything else will consolidate. What does that mean? It probably means staying between 55 and 75 until the conditions change and market developments push us to the next level,” Novogratz said.

Demand for spot Bitcoin ETFs in the US has waned in recent weeks. However, the Galaxy Digital CEO does not think this is a cause for concern.

“Big players are just starting to get this into their systems. The process of asset managers selling to clients is not an overnight process,” Novogratz said.

Novogratz also believes that the US presidential election to be held this year will also provide clarity on how cryptocurrencies will be regulated.

The post Renowned Investor: Bitcoin to Stay in This Range for a Month appeared first on Coin Engineer.