Bitcoin to Consolidate in $7K – $10K Range, Says Novogratz

Galaxy Digital CEO and Bitcoin bull, Mike Novogratz, in a conference call that discussed Galaxy Digital’s Q1 financial results, said that Bitcoin would ‘probably consolidate between $7,000 and $10,000’ and that the excitement in the space could cause Bitcoin (BTC) to move forward. Bloomberg reported the statement.

On a go-forward basis, Bitcoin probably consolidates somewhere between $7,000 and $10,000. You know, trees don’t grow to the sky, If I’m wrong on that, I think I’m wrong to the upside, that there’s enough excitement and momentum that it could carry through, Novogratz said.

He partially attributes the increased interest to the acceptance of blockchain and crypto by established firms like Microsoft and Facebook.

Novogratz Bullish as Ever

The CEO has strong convictions that the token will grow quickly in the years to come, including during the recent bear market. The company had reported losses during this time last year; however, this quarter’s net income has been reported as $12.9 million.

Novogratz had earlier said that Bitcoin could take 18 months to reach $20,000 again and so far, that figure appears to be on track, if the asset does indeed manage to consolidate between $7,000 and 10,000. The crossing of the $9,000 has Bitcoin at its highest in a year and investors are generally very optimistic about where the market is going.

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