The crypto market seems to be suffering a new correction today. Most of the important coins are trading in the red. Check out the latest price predicitons revealed by Mike Novogratz.
Bitcoin and crypto predicitons
Galaxy Digital CEO Mike Novogratz is addressing the future of the current bear market and the crypto markets as a whole.
Novogratz says in a Yahoo Finance interview that Bitcoin (BTC) and other cryptos will probably rally once the Federal Reserve pauses its monetary tightening measures.
According to the Galaxy Digital CEO, the crypto market selloff was caused by the Federal Reserve hiking interest rates.
“Since the Fed has decided to try to smash inflation by raising rates aggressively, the most aggressive rate-raising in our lifetime, Bitcoin sold off with other assets. It’s actually done better than most.”
He continued and explained the following:
“I think if you finally get the pause, you will start seeing Bitcoin pick back up. Bitcoin and all cryptocurrencies. Are we going to get the pause? At one point, yes.”
Regarding when the crypto downturn could end, Novogratz says that the prevailing bear market could last up to six more months.
“You know the bear case is we’ve got two to six months left of this pain. The bull case is the market starts breaking. And we’re seeing a lot of breakage. Not necessarily in crypto but in the rest of the world.”
According to the Galaxy Digital CEO, sellers in the crypto market are largely exhausted.
Regarding Bitcoin’s price today, at the moment of writing this article, BTC is trading in the red, and the king coin is priced at $19.008.
It’s been just revealed that the chief executive officer of the world’s largest crypto index fund manager says the firm’s clients are positioning themselves for the next Bitcoin (BTC) bull cycle.
In a new interview with Bloomberg Technology, Bitwise CEO Hunter Horsley said that 2022 has certainly been a bear market for crypto, but that he sees an increased amount of interest from clients.