Mike Novogratz, the CEO of Galaxy Digital, has posited that the cryptocurrency market is currently in a "consolidation phase," projecting an uptrend in prices by the end of this quarter.

During the company's Q1 earnings call, which showcased a record quarterly revenue, he stated his anticipation of Bitcoin (CRYPTO:BTC) prices oscillating between $55,000 and $75,000 in the upcoming month.

Novogratz believes that this consolidation period will affect major cryptocurrencies such as Bitcoin, Ethereum, and Solana, implying that their prices will hover within this range until new market events catalyze a further increase in value.

This prediction follows his broader outlook on the crypto market's trajectory, suggesting an impending rise in the later part of the quarter.