Mike Novogratz predicts end of crypto slump

The future of crypto: Insights from billionaire investor Mike Novogratz

Galaxy Digital CEO Mike Novogratz recently shared his vision for the future of the Bitcoin market and discussed the current downturn.

How long will the bearish market last?

Since the U.S. Federal Reserve decided to try to contain inflation by the most aggressive rate hikes in our lives, Bitcoin has stalled as it did with other assets, says the CEO of Galaxy Digital.

Novogratz believes that when interest rate increases slow down, then Bitcoin will start to bounce north, and with it, the rest of the digital currency market. The American manager was asked if the Fed would stop tightening monetary policy at some point. Novogratz replied that there will certainly come a time when the US central bank will stop raising interest rates, but it is not entirely clear when it will ultimately happen. He is convinced that the bear market will continue, however, in his opinion, in about half a year we can expect an end to the decline in the cryptocurrency market.

- You know about the bear market is that we have something between two to a maximum of six months of pain ahead of us. The bull case looks like the market is starting to break. We are currently seeing a lot of cracks. Not necessarily only in the cryptocurrencies themselves, but in other sectors - he said.

Novogratz believes that the bears on the Bitcoin market are starting to be very tiresome for investors. In his opinion, after the big sell-off in June this year, many traders still haven't acquired new assets. Novogratz expressed the view that there are fewer and fewer sellers on the market, and this consequently translates into less activity in the BTC network.