Billionaire Mike Novogratz Predicts How Long The Bitcoin And Crypto Bear Market Will Last
Galaxy Digital CEO Mike Novogratz updates his view on the future of the current bear market and crypto markets as a whole.
Novogratz says in a Yahoo Finance interview that Bitcoin (BTC) and other cryptoassets are likely to rise as the Federal Reserve ends its monetary tightening measures.
According to the Galaxy Digital CEO, the sell-off of the crypto market was caused by the interest rate hikes by the Federal Reserve.
“Since the Fed decided to try to crush inflation by raising interest rates aggressively, the most aggressive rate hike in our lifetime, Bitcoin sold off with other assets. It’s actually done better than most.
I think if you finally get the break you will start to see Bitcoin pick up again. Bitcoin and all cryptocurrencies.
Shall we take a break? At some point, yes.”
When the crypto slump may end, Novogratz says the prevailing bear market could last up to six more months.
“You know the big deal is we have two to six months left of this pain. The thing is, the market is starting to break. And we see a lot of violations. Not necessarily in crypto, but in the rest of the world.”
According to the Galaxy Digital CEO, sellers in the crypto market are mostly exhausted.
“Crypto is interesting because three months ago, after the big sell-off and drawdown, most people who needed to sell sold.
And as you have seen the price is much more subdued. Things take off when there’s a good story, and they sell right back when the story goes away.
And so much less activity in crypto, much less for sellers. But also much fewer new buyers.”
I
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered straight to your inbox
Check price action
Follow us on TwitterFacebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and trades are at your own risk and any losses you incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated image: DALLE-2
