Market Forecast from Bitcoin and Cryptocurrency Billionaire Mike Novogratz!

Galaxy Digital’s bitcoin and cryptocurrency friendly CEO Mike Novogratz believes in a recent tweet that the upcoming market rallies will likely fade.

While the bulls hope the US economy will eventually slow down, Novogratz claims that won’t be the case.

Data Hasn’t Signed Yet, According To Cryptocurrency Promoter Mike Novogratz

Here is the full message of the billionaire name, who is well-known to the Bitcoin and crypto money world, on Twitter:

“This is a battle between ‘Hope and Data’. The bulls are hoping the economy will slow down, but the data tells us it’s not yet, or even close.

Short-term rallies will be muted until the data reverses.”

Novogratz has repeatedly stated that the cryptocurrency market is unlikely to recover without a potential Fed backlash.

This aa battle between “Hope and Data” — bulls are hoping the economy slows and the data is telling us not yet, not even close….

Until the data turns short covering rallies are to be faded

U Mich stopped the reversal in its tracks

— Mike Novogratz (@novogratz) October 14, 2022

The famous billionaire said that he thought the Fed would raise interest rates “several times”.

Earlier today, Bitcoin came close to reclaiming the $20,000 level, but then lost some momentum.

Novogratz recently warned that the crypto market will not bounce back straight after a major correction.

However, Novogratz, in his numerous statements, said that he is still optimistic about the world’s largest cryptocurrency Bitcoin in the long term. Last month, he claimed that the situation for Bitcoin is getting better “every day”.

However, Novogratz was also one of the staunchest advocates of the Terra ecosystem, which suffered a major crash earlier this year, upsetting many crypto users. The famous billionaire even got a LUNA tattoo on his arm.

*Not investment advice.