Galaxy Digital Founder: Bitcoin May Oscillate in Narrow $55,000-$75,000 Trading Range

Bitcoin is likely to remain in a relatively narrow trading range of $55,000 to $75,000 during the current quarter, while the adoption of cryptocurrencies in traditional finance continues, according to Michael Novogratz, founder of digital-asset financial-services firm Galaxy Digital Holdings Ltd, Bloomberg reports.

Novogratz also believes that the market will likely remain similar during the current quarter, as well as the next, until two possible change points occur: the Federal Reserve begins to cut interest rates (which usually signals a slowdown in the economy) or the election is over (which could bring a degree of clarity to the cryptocurrency regulatory environment).