- Galaxy Digital CEO Novogratz expects BTC to consolidate between $58K – $75K
- National debt woes will make it easier to sell BTC for the next four years
Many crypto figures and analysts have shared their own price projections for the near term as Bitcoin’s [BTC] halving draws closer. For instance, just recently, Rich Dad, Poor Dad author Robert Kiyosaki predicted BTC could hit $100K by September. Similarly, for BitGo CEO Mike Belshe, a conservative BTC price target of $80K was likely by May.
Galaxy Digital CEO and Founder Mike Novogratz isn’t inclined to agree completely though. Instead, according to the exec, there will be near-term price consolidation between $58K – $75K, before the next leg up.
During an interview, Novogratz claimed,
“Prices are going to consolidate for a while between $75K, and maybe $62K or even $58K.”
BTC is “easier to sell” because of national debt
In an earlier earnings call with Galaxy Digital investors, Novogratz had cited massive “boomer wealth” and national debt woes as factors that could induce extra demand for BTC.
He reiterated the same in the Bloomberg interview, underscoring how national debt woes make selling BTC easier.
“Each 100 days, the government is adding $1 trillion of debt. That story is so powerful it makes it easy for salespeople/registered investment advisors to tell their clients to put a couple of percent of their net worth in Bitcoin.”
He added,
“And you’re seeing that happen. This is a process that will go on for four years, not four months.”
Put differently, Novogratz expects a full-blown accumulation period over the next four years.
At the time of writing, BTC had seemingly recovered following the early Asian trading session on March 28. It was valued at just over $70,200.
The recovery followed a snap drop reaction from $71.7K to $68.35K after the U.S SEC got the green light to proceed with the Coinbase lawsuit.
When zoomed out on the weekly charts, BTC showed signs of consolidation above $58K. Even so, it is too early to confirm whether the Novogratz range-bound projection will be validated.