- Bitcoin has been fluctuating between $55,000 and $75,000 since mid-March, showing no definitive trend.
- Mike Novogratz anticipates this consolidation to persist for another month, with potential for an upswing in the second quarter.
- There is a noticeable decrease in Bitcoin ETF inflows, hinting at reduced institutional interest.
- Despite this, open interest is high and funding rates remain positive, reflecting a bullish outlook in the futures market.
- A breakout above $67,000 might lead to a rally up to $75,000, but a drop to $57,000 could also occur.
Bitcoin is currently navigating one of its most uncertain phases, marked by a consolidation period that has persisted since mid-March. The cryptocurrency fluctuates between its all-time high of $73,800 and the $55,000 zone, trending lower each week.
Insights from analysts offer a deeper understanding of the flagship cryptocurrency's current state.
Bitcoin's Prolonged Range
Mike Novogratz, CEO of Galaxy Digital, mentioned during the company's first-quarter earnings call that Bitcoin is likely to oscillate between $55,000 and $75,000 for the next month. Novogratz anticipates a potential upward movement as the second quarter of the year (April to June) concludes. He highlighted that the crypto market, including major players like Bitcoin, Ethereum, and Solana, is experiencing consolidation and stabilization, possibly awaiting the next catalyst for a bullish surge.
Cooling Investor Interest in Bitcoin ETFs
Data from Farside reveals a steady decline in investor interest in spot Bitcoin ETFs. Initially, these ETFs witnessed a remarkable $13.9 billion in volume during the first week, but this has now decreased to around $11.8 billion, indicating waning institutional interest.
Futures Market Shows Optimism
Despite Bitcoin's 3% drop on May 14, retesting the $61,000 level, futures market indicators remain positive. Open interest in Bitcoin futures, although down from its mid-March peak, is still about 70% higher than February 2024 levels, according to Coinglass data. The weighted funding rate has stayed in the green for approximately three weeks, currently at 0.018%, recovering from a low of -0.0074 in early May.
Technical Analysis Predicts Potential Upswing
Analyst Cryptotoad notes that the support around $60,000 is holding longer than usual, suggesting the possibility of a bullish comeback. However, for this to materialize, Bitcoin needs to break and close above the $67,000 zone decisively. Should this happen, the cryptocurrency could move upwards, potentially reaching the $75,000 range high. Nevertheless, caution is advised as the threat of a dip to $57,000 remains.
Conclusion
While there are signs of a potential rebound for Bitcoin, the market remains volatile and unpredictable. Investors should stay informed and make financial decisions based on thorough research. Cryptocurrencies are highly volatile financial assets, and the information provided aims to be accurate and up-to-date, but it is crucial to conduct your own analysis.

#MikeNovogratz #bitcoin #BTC🔥🔥🔥🔥🔥 #cryptocurrency #Crypto2024
$BTC

Mike Novogratz's Galaxy Digital has just made a significant investment in Bitcoin, purchasing 400 BTC worth $23.4 million ¹. This move comes despite Bitcoin's recent dip below $59K, showcasing Galaxy Digital's confidence in the cryptocurrency's potential.
A Strategic Acquisition:
Galaxy Digital's wallet now holds an impressive 3,150 BTC, valued at $184.56 million ¹. This acquisition not only demonstrates the company's commitment to cryptocurrency but also sends a positive signal to investors.
Market Impact:
This bold move by Galaxy Digital is expected to intensify investor optimism, potentially leading to increased adoption and investment in Bitcoin ¹. The cryptocurrency market is closely watching Galaxy Digital's strategies, and this acquisition reinforces their position as a key player.
A Vote of Confidence:
Mike Novogratz, CEO of Galaxy Digital, has long been a vocal advocate for cryptocurrency ². This acquisition solidifies his confidence in Bitcoin's potential, encouraging others to explore the opportunities in the crypto market.
Stay Ahead in the Crypto Game!
As the crypto landscape evolves, Galaxy Digital's strategic moves provide valuable insights for investors and enthusiasts alike. Keep a close eye on their developments to stay ahead in the game!

#MikeNovogratz #GalaxyDigital #Bitcoininvestment #GalaxyDigitalHoldings #bitcoinbullrun2024

In an unprecedented development, Mike Novogratz’s Galaxy Digital has again increased its Bitcoin holdings, bagging a whopping 400 BTC today. On-chain data reveals a notable $23 million accumulation by the digital asset manager despite BTC’s recent pullback below $59K.
The latest accumulation has ignited bullish sentiments for the asset across the broader crypto market. Moreover, the massive accumulation garners additional bullish attention due to a couple of positive market dynamics following the massive purchase.
Mike Novogratz’s Galaxy Digital Bags 400 BTC
As mentioned above, BTC price saw a pullback to the $58K level as this week began. Nevertheless, Mike Novogratz’s Galaxy Digital’s decision to heavily buy BTC has ignited significant market optimism, coming as a potential buy-the-dip strategy.
According to data from Arkham Intelligence, the digital asset manager’s wallet address 12QVsf.. bagged 400 BTC, worth $23.40 million, from the Binance crypto exchange today, August 19. The total holdings of this particular wallet address rose to 3.15K BTC, worth a staggering $184.56 million, with the massive accumulation.
The accumulation also presents the asset with significant buying pressure, solidifying investors’ optimism about future price movements. Moreover, a renowned crypto market analyst’s remarks in the interim have further spotlighted bullish aspects for the coin.
Today, crypto analyst Ali Martinez posted on X today, drawing attention to Bitcoin’s cycle post-halving. Citing historical data, the analyst reveals that the market is currently in the early stages of this cycle. “It’s been 119 days since the 2024 BTC halving. In the last two cycles, BTC hit a market top around 530 days post-halving,” the analyst added. This indicated that the broader market has yet to see a new potential Bitcoin ATH for this cycle.

BTC Price Slips
However, BTC price slipped 3% in the past 24 hours to reach $58,205, contrary to the mentioned developments. Its 24-hour lows and highs were recorded as $58,264.90 and $60,262.72, respectively. Notably, Bitcoin shorts rose considerably in recent days, aligning with the somewhat bearish market sentiment today.
Nonetheless, the abovementioned accumulation by Mike Novogratz’s Galaxy Digital and the analysts remarks have offered an optimistic tint to the asset’s future potential. Coinglass data hinted at a 1.5% dip in futures OI to $30.01 billion today. However, the derivatives volume skyrocketed 40% to $40.04 billion, stirring investor speculations.
The flagship crypto’s 14-day RSI was 43, underlining the presence of slight downside pressure on price. Nonetheless, crypto market participants continue to extensively eye the coin, expecting future price action shifts attributable to looming Fed rate cut expectations.
According to the CME FedWatch Tool, 71.5% expect a 25 basis point cut, whereas 28.5% expect a 50 bps cut. Given the current market scenario, a rate cut could significantly bolster the broader crypto market.
⚠️Disclaimer
This content aims to enrich readers with information. Always conduct independent research and use discretionary funds before investing. All buying, selling, and crypto asset investment activities are the responsibility of the reader.
#BTC #MikeNovogratz

The US economy is facing a potential credit crunch and is heading towards a recession, according to Mike Novogratz, CEO of Galaxy Digital. Novogratz warns that this is the time to invest in bitcoin and gold.

He believes that this is precisely the reason why cryptocurrencies were created, as governments tend to print too much money during tough times, which leads to economic instability.

“If there was ever a time to be in bitcoin and crypto, this is why it was created, in that governments print too much money whenever the pain gets too great, and we’re seeing that,” he told CNBC Wednesday.

Recently, regulators shut down Silicon Valley Bank and Signature Bank, while Silvergate Bank announced that it would wind down its operations and liquidate its business. Moody’s, the ratings agency, also slashed its outlook on the US banking system. Novogratz believes that the commodity market is indicating that the US is heading towards a recession, and this will lead to a credit crunch.

Novogratz also believes that the Federal Reserve will cut interest rates sooner than anticipated, as the banking crisis has changed the public’s “psychology.” He notes that there is contagion and that people are learning from the SVB crisis. He predicts that Americans may start to rely on just four or five depository institutions.

While stocks may decrease in the short-term, Novogratz anticipates that they will bounce back with the Fed’s shifting policy. He believes that central bankers will pause at the March meeting, as it has become apparent that something broke in the economy this week. Novogratz warns that a dovish hike for credibility’s sake would be a significant policy error.

The value of bitcoin surged to a nine-month high on Tuesday, hovering around $24,337 on Wednesday, and has rallied approximately 46% year-to-date. Gold rallied 1.37% on Wednesday to about $1,937.50, and Brent crude oil, the international oil benchmark, fell by 5.6% to trade around $73 a barrel.

Novogratz’s warning that the US is heading towards a credit crunch and potential recession should not be taken lightly. This highlights the importance of diversifying investments, and investing in assets like gold and bitcoin, which have shown resilience during economic downturns. The upcoming months will be critical, and investors should keep a close eye on developments in the US economy.

#bitcoin #btc #gold #MikeNovogratz #investment

This article was republished from azcoinnews.com