The post When Will the Crypto Bear Market End? Predicts Billionaire Mike Novogratz appeared first on Coinpedia Fintech News
Mike Novogratz, CEO of Galaxy Digital, is revising his predictions for the future of the current bear market and the cryptocurrency markets as a whole.
In an interview with Yahoo Finance, Novogratz claims that once the Federal Reserve stops its monetary tightening measures, Bitcoin (BTC) and other crypto assets are expected to rise.
Federal Reserve is the main cause of the bear market according to Novogratz.
“Since the Fed made the decision to raise interest rates quickly, the most aggressive rate-raising in our experience, Bitcoin has fallen in value along with other assets. In reality, it’s done better than most”.
“I believe Bitcoin will start to pick back up once you really experience the pause. All cryptocurrencies, including bitcoin. When will there be a pause? Yes, at one time.” Mike Novogratz said.
Bears to take control of the market for six months
Novogratz predicts that the current bear market in cryptocurrencies might continue for up to six more months.
You know, the bear case is that this discomfort will last for another two to six months. The market begins to break, which is the bull case. And there is a great deal of breaking. Not exclusively in crypto, but also elsewhere.
The CEO of Galaxy Digital claims that the crypto market’s sellers are largely depleted.
“What’s fascinating about cryptocurrency is that most people who had to sell three months ago did so fter the significant selloff and the deleveraging.
As a result, you can notice that the price is significantly quieter. When there is a compelling tale, sales soar, and when the story ends, sales plummet.
There is consequently far less activity in the cryptocurrency market and much less opportunity for sellers. likewise a great deal fewer new buyers