Mike Novogratz, CEO of Galaxy Digital, predicts that Bitcoin's (CRYPTO:BTC) price will likely remain trapped between $55,000 and $75,000 in the coming months.

He attributes this consolidation phase to the lack of clarity on crypto regulations, awaiting resolution either from the US presidential election or potential Federal Reserve interest rate cuts amid economic slowdown.

Despite the anticipation surrounding milestone spot Bitcoin ETF launches, institutional inflows have yet to materialise significantly.

Novogratz emphasises the impact of broader adoption in traditional finance, driven by wealth managers gradually offering crypto products to clients.

Additionally, he suggests that the regulatory stance of the Biden administration and potential Fed actions could influence Bitcoin's trajectory in the near future.