Striking comment from the CEO of the giant company: "These coin's will get stronger!"

Mike Novograt BTC Bitcoin z, founder and CEO of Galaxy** Digital

Speaking about Galaxy Digital's Q1 earnings, Novogratz said that crypto markets are currently in an "accumulation phase" and predicted that prices will rise to higher levels towards the end of this quarter.

"Bitcoin, Ethereum and Solana will be strengthened. What does this mean? That means it's probably going to be somewhere between $55,000 and $75,000 Bitcoin the next cycle, the next one will take us higher," he said.

Spot Bitcoin ETF came to the market with high demand from institutional investors. In their early days, ETF generated more than $13.9 billion in volume, but inflows have declined significantly in recent months due to a massive fall in the price of BTC.

Things are heating up with Crypto coins!

According to TradingView data, Bitcoin is down 16.5% from its all-time high of $73,700 on March 13.

Novogratz said he's not too concerned about declining inflows into spot Bitcoin ETF, noting a broader trend of adoption among traditional financial institutions. Galaxy Digital and model firm Invesco are publishing their own spot Bitcoin ETF that carry the code BTCO. Since its inception, the fund has recorded only $268 million in inflows; this was the second-lowest total inflow among all funds except Grayscale Bitcoin Trust.

Novogratz said that most of the factors driving price action will continue over the next few months, and he looked at various statistics for the progress of crypto market price action.

The CEO of Galaxy Digital said that crypto asset prices could start to recover when the U.S. Central Bank starts lowering interest rates or, alternatively, when we see a positive outcome from the upcoming U.S. presidential elections. "We got through the election, and I think the election will bring clarity to the crypto regulatory landscape one way or another," Novogratz said.

Additionally, Galaxy Digital generated net income of $421.7 million in the first quarter, up 40 percent from the last quarter of 2023. The revenue was supported by record revenue from mining operations and management fees.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should do their own research when making decisions.