Mike Novogratz, the CEO of Galaxy Digital, has weighed in on the recent movements in the cryptocurrency market, stating that assets are currently in a consolidation phase. According to Bloomberg, Novogratz believes that this phase could apply to Bitcoin, Ethereum, and Solana, all of which have seen considerable volatility in recent months. He suggests that this consolidation phase could be a precursor to the next bull run. In terms of Bitcoin, Novogratz predicts that the cryptocurrency could remain within the $55,000 to $75,000 price range for the time being.
“We are currently in a consolidation phase in the crypto market. Bitcoin, Ethereum, and Solana, among others, will consolidate. What does this mean? It likely means that the prices will hover between $55,000 and $75,000 until the next series of events push them higher,” stated Novogratz.
During the same discussion, the CEO of Galaxy Digital also highlighted that the cryptocurrency market experienced significant tailwinds during the first and fourth quarters.
Meanwhile, Bitcoin is showing signs of a price recovery, while network activity is declining. Renowned crypto expert Ali Martinez conducted a technical analysis and found that the TD Sequential indicator is signaling a buy signal on the Bitcoin hourly chart, indicating a potential price rebound.
At the time of writing, Bitcoin was priced at $62,572.73, representing a 1.0% increase in the last 24 hours. During this period, the cryptocurrency saw a trading volume of $22,284,080,094.
Martinez also noted a decrease in Bitcoin network activity based on a chart from analytics platform Santiment. He pointed out that Bitcoin whales, i.e., large investors, appear to be taking a break as the number of large transactions has decreased.
It is important to note that the views and opinions expressed by the author and those mentioned in this article are for informational purposes only and should not be considered as financial or investment advice. Investing or trading cryptocurrencies carries a risk of financial loss.
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Bitcoin shows signs of price recovery while network activity drops