Mike Novogratz: Factors To Trigger Next Crypto Market Rally

In mid-May, CEO of Galaxy Digital, Mike Novogratz, expressed his hopes for four events that he believed would positively impact the cryptocurrency market. Now, the crypto billionaire is surprised to see that progress has been made in such a short amount of time.

Specifically, he was praying for the following four things that could boost crypto prices:

1) the Fed pausing, 2) Ripple winning its lawsuit, 3) the introduction of a Bitcoin ETF (exchange-traded fund), and 4) the settlement of Binance/CZ (Changpeng Zhao) with the Feds.

His list included the U.S. Federal Reserve pausing its interest rate hikes, Ripple winning its court battle with the Securities and Exchange Commission (SEC), the establishment of a Bitcoin (BTC) spot exchange-traded fund (ETF) and Binance and its CEO Changpeng Zhao reaching a settlement with the US government.

Novogratz continues:

“I didn’t expect so much progress on at least three of my four wishes. Fed will hike once more and then pause. Ripple victory should push Biden/Gensler to the table with [Republicans] to get legislation done. ETF is when not if. No insight on Binance yet but still praying.”

During an interview with CNBC last week, Novogratz made a prediction that Bitcoin would reach a higher price level by the end of the year.

He mentioned that Bitcoin has been consolidating between $28,000 and $32,000 and that if it surpasses the top level of around $31,500, it will make a significant gain.

Novogratz also suggested that the Federal Reserve may pivot and flinch at that point.

Raoul Pal, the CEO of Real Vision, has predicted that the approval of a spot Bitcoin (BTC) exchange-traded fund (ETF) would result in a surge of capital flowing into the crypto asset markets.

During an interview with Lark Davis, Pal expressed that a BTC ETF approval, combined with an already growing crypto market, would lead investors to invest heavily in Bitcoin, eager to take advantage of the potential profits from a possible surge towards an all-time high.