Bittime - The price of Bitcoin (BTC) is still fluctuating, but tends to fall. Crypto players are starting to wonder when Bitcoin will rebound. Mike Novogratz, founder and CEO of Galaxy Digital, gives his predictions about the price of Bitcoin.
When will Bitcoin Rebound?
According to Galaxy Digital's predictions provided by Novogratz in the company's first-quarter earnings call, Bitcoin prices are expected to continue fluctuating between $55,000 and $75,000 over the next month or June 2024.
Even so, Novogratz is optimistic that Bitcoin prices will rebound (surge) at the end of the second quarter (Q2) 2024.
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Crypto Market in Consolidation Phase
Novogratz believes that the crypto market is currently entering a consolidation phase. This is reflected in Bitcoin price movements which tend to be flat within a certain range.
Novogratz said that Bitcoin, Ethereum, Solana, and other crypto assets will likely consolidate in the $55,000 to $75,000 range until the next market event or occurrence triggers a price increase.
Bitcoin ETF Inflow Decline
Even though Galaxy Digital's predictions show the potential for Bitcoin to rebound, it cannot be denied that Bitcoin prices have indeed experienced a decline in the last few months.
Bitcoin has fallen 16.5% since touching its all-time high of $73,700 on March 13, 2024.
In addition, institutional investors' interest in spot Bitcoin ETFs, which had soared at the initial launch, is now starting to decline. Responding to this, Novogratz admitted that he was not too worried.
According to him, the decline in interest in spot Bitcoin ETFs could be due to the process of adopting crypto investment instruments among traditional financial institutions which takes time.
Also Read: Galaxy Novogratz Successfully Reaches $10 Billion AUM
Bitcoin Rebound Potential
Novogratz said several factors that have the potential to accelerate Bitcoin's rebound are the policies of the US Federal Reserve and the 2024 US presidential election.
A cut in interest rates by the US Federal Reserve in response to a weakening economy could push crypto asset prices higher.
In addition, Novogratz hopes that the results of the upcoming US Presidential Election will bring clarity to crypto regulations in the United States, thereby helping to encourage investor interest.
Also Read How to Buy Crypto:
Galaxy Digital's Positive Performance in Q1
Meanwhile, Galaxy Digital, the company founded by Novogratz, posted positive financial performance in the first quarter (Q1) 2024.
The company posted net revenue of $421.7 million, up 40% from the last quarter of 2023. The increase in revenue was driven by record revenues from crypto mining activities and crypto asset management fees.
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How to Buy Crypto with Bittime
You can buy and sell crypto assets in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Monitor price chart movements of Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also Read:
Why is Bitcoin Price Dropping? This is the Cause!
Bitcoin Last 30 Days: Impact of Bitcoin Halving
What Happened to the Price of Bitcoin (BTC) Today?
DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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