After hitting $63,000 yesterday, Bitcoin has now corrected to $61,700. Galaxy CEO Mike Novogratz, a prominent industry figure, thinks Bitcoin could range between $55,000 and $75,000 until a “new story” emerges. He suggested that Bitcoin price may not see major fluctuations until the market accepts new changes. According to Novogratz, this “story” could emerge through two scenarios: The US Central Bank reduces interest rates or regulators loosen regulations on cryptocurrencies.
On Tuesday, while discussing the company’s earnings, Novogratz said that after a strong first quarter, cryptocurrencies are now in a consolidation phase and Bitcoin prices could range between $55,000 and $75,000 for until the next market events.
In an interview with Bloomberg on Tuesday, Novogratz shared: “Bitcoin always needs a story. If you consider Bitcoin as digital gold, there are always two main factors: macro factors and adoption factors.”
