Bitcoin will stay in $55K to $75K zone for now, says Mike Novogratz, the founder and CEO of Galaxy Digital. He thinks crypto is in a “consolidation phase” and predicts that prices will bounce higher at the end of the current quarter.

“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,” Novogratz said during Galaxy Digital’s Q1 earnings call, Cointelegraph reports.

Novogratz also mentioned he wasn’t too worried by the dwindling inflows for spot Bitcoin ETFs nor did he seem concerned by Bitcoin’s recent downward slide.

According to Novogratz, there is a broader trend of adoption among traditional financial institutions.

“We continue to see adoption growing [...] big players are just now starting to put it through their system,” he said.

Novogratz’s take is pretty straightforward.

Asset prices could begin to pick up when the United States Federal Reserve eventually begins cutting rates “because the economy finally slows” or alternatively we see a favorable outcome from the upcoming U.S. presidential election.

As Yellow.com stated before, Novogratz is one of those high-profile Bitcoin optimists. As of now, Novogratz claims Bitcoin will reach $500,000 by the end of 2024.