CEO of Galaxy Digital Mike Novogratzupdated their views on the future of the current bear market and the cryptocurrency market, and shared their new predictions.
In a recent interview with Yahoo Finance, Novogratz said when the Federal Reserve paused its monetary tightening measures. bitcoin (BTC) and other crypto assets will rise again.
According to Galaxy Digital CEO, the decline in sales in the crypto market is caused by rising Federal Reserve interest rates.
“The Fed is trying to curb inflation, which is moving hard, by making the most aggressive rate hikes of our lives. Bitcoin was among those sold along with other assets. If we look at the general picture, it managed to be one of the least affected by these sales.
If these interest rate hikes are no longer made, I think the Bitcoin price will start to recover again. Of course, this recovery will positively affect other cryptocurrencies as well.”
Koinfinans.com As we reported, Novogratz also shared a date, stating that the bear market, which dominates when the crypto decline may end, may last up to six months.
“You know the bear case, I think we have two to six months left of this pain. A bullish situation is when the market starts to break out. And we’re seeing a lot of breakouts. There are similar trends in the rest of the world, not necessarily in crypto.”
According to the Galaxy Digital CEO, sellers in the crypto market are largely exhausted.
“Crypto is interesting, three months ago, after big sales and debt reduction, most people who should have sold it did. And so you saw that the price was much more stable. When there’s a good story, things go well, and when the story disappears, they sell out right away. And so much less activity in crypto, much less for sellers. But there are also far fewer new buyers.”
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.