The upcoming US presidential election may spur bitcoin out of its current “consolidation phase,” according to Galaxy CEO Mike Novogratz.

Crypto will likely stay politicized until more Democrats pivot their anti-segment stance, he argued, meaning a change in administration could be significant for the space.

Novogratz said during a Tuesday earnings call that, following the approval of spot bitcoin ETFs and last month’s block reward halving, he believes bitcoin could keep trading between $55,000 and $75,000 in the near-term. 

The price of bitcoin (BTC) was at about $61,450 at 12:30 pm ET Tuesday.

“I think that’s probably where we are — certainly for this quarter and maybe…

Read more on Blockworks