The current bearish phase of the cryptocurrency market could last up to six more months. This opinion was expressed by Galaxy Digital founder Mike Novogratz in an interview with Yahoo Finance.
“You know, the bearish case means we have two to six months of this pain left. In a bullish case, the market starts to break. And we will see many fractures. Not necessarily in cryptocurrencies, but also in the rest of the world,” he said.
According to him, the sales momentum in the digital asset market has largely been exhausted.
“Cryptocurrencies are interesting because three months ago, after a serious sell-off and a wave of deleveraging, most of the people who needed to sell did so,” the billionaire believes.
This put pressure on prices, and also reduced activity in the crypto market, including from buyers, Novogratz noted.
He attributed the sale of bitcoin and other cryptocurrencies to an aggressive increase in interest rates by the US Federal Reserve System (FRS). At the same time, the policy of the regulator influenced digital gold more than many other assets, Novogratz believes.
“I think when there is a pause [в повышении ставок], we will see how bitcoin grows. Just like other cryptocurrencies. Are we going to pause? At some point, yes,” he said.
Earlier, Novogratz already predicted the growth of the first cryptocurrency, as soon as the Fed refuses to raise rates to fight inflation.
Recall that analysts at the digital asset management company Grayscale Investments allowed the end of the bearish phase of bitcoin by the end of March 2023.
Read Cryplogger bitcoin news in our Telegram – Cryptocurrency news, courses and analytics.
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The current bearish phase of the cryptocurrency market could last up to six more months. This opinion was expressed by Galaxy Digital founder Mike Novogratz in an interview with Yahoo Finance.
“You know, the bearish case means we have two to six months of this pain left. In a bullish case, the market starts to break. And we will see many fractures. Not necessarily in cryptocurrencies, but also in the rest of the world,” he said.
According to him, the sales momentum in the digital asset market has largely been exhausted.
“Cryptocurrencies are interesting because three months ago, after a serious sell-off and a wave of deleveraging, most of the people who needed to sell did so,” the billionaire believes.
This put pressure on prices, and also reduced activity in the crypto market, including from buyers, Novogratz noted.
He attributed the sale of bitcoin and other cryptocurrencies to an aggressive increase in interest rates by the US Federal Reserve System (FRS). At the same time, the policy of the regulator influenced digital gold more than many other assets, Novogratz believes.
“I think when there is a pause [в повышении ставок], we will see how bitcoin grows. Just like other cryptocurrencies. Are we going to pause? At some point, yes,” he said.
Earlier, Novogratz already predicted the growth of the first cryptocurrency, as soon as the Fed refuses to raise rates to fight inflation.
Recall that analysts at the digital asset management company Grayscale Investments allowed the end of the bearish phase of bitcoin by the end of March 2023.
Read Cryplogger bitcoin news in our Telegram – Cryptocurrency news, courses and analytics.
Found a mistake in the text? Select it and press CTRL+ENTER
