Michael Novogratz, CEO of Galaxy Digital, has predicted a flat price movement for leading cryptocurrencies like Bitcoin, Ethereum, and Solana in the short term. Despite growing adoption from conventional investors, Novogratz believes the prices will consolidate between $55,000 and $75,000 until the next market catalyst arrives.

This consolidation phase follows the introduction of spot Bitcoin ETFs and the momentum of the BTC halving, which led to a market surge in Q1 2024.According to Novogratz, the current market conditions are a result of both sector and macroeconomic factors.

The decline in decentralized finance (DeFi) figures and on-chain activity has led to a decrease in trading volumes and digital asset prices. However, Novogratz and other optimistic traders believe that prices will continue to rise when a new wave of favorable market conditions arrives.

Bitcoin's price recently dropped below $61,000, but it is trying to recover. The increasing liquidations caused by short-term price volatility have stoked optimism in Bitcoin, altcoins, and memecoins.

While there may not be a dramatic increase beyond the all-time high this quarter, Novogratz's prediction suggests a stable period for the cryptocurrency market before the next market event brings new momentum.