Galaxy Digital CEO Mike Novogratz predicts that Bitcoin will trade within the $55,000 to $75,000 range until new factors emerge to drive its growth.
Bitcoin’s price dropped by 2%, reaching $61,550 on the Binance exchange. Over the past seven days, the leading cryptocurrency has lost 3.5% of its value.
The crypto market’s growth stalled after the launch of spot Bitcoin exchange-traded funds (ETFs) in the U.S. Following the ETF launch, demand for Bitcoin surged, driving it to an all-time high of $74,000. However, the price quickly fell to $60,000 and later to $56,000.
The decline in Bitcoin’s price coincided with stricter-than-expected decisions from the U.S. Federal Reserve (Fed), which have put pressure on risk assets, including Bitcoin.
Novogratz also noted an increase in interest in cryptocurrencies from players in the traditional financial sector.