Michael Novogratz, a former hedge fund manager and the founder and CEO of Galaxy Digital Capital Management is of the opinion that cryptocurrency has hit the lowest point for now. This he made known via a tweet recently.
The End Of The Bear Market
After Bitcoin reached its all-time highest point of almost $20,000 late last year, most cryptocurrencies were also at their peak. But sadly, it has taken a bearish move since the beginning of the year. This has made the market go into distress and shedding of over $500 billion in global market capitalization.
The distress has made a lot of people cash in on their cryptocurrency investments. While this was trending, speculations on the bullish trend from cryptocurrency enthusiasts have not ceased; neither has aspersion reduced from the non-cryptocurrency believers alike in the ecosystem.
Recently, Jani Ziedins predicted about the future of the cryptocurrency market. In his statement, he said that the recent rise in the value of cryptocurrencies is only for a moment, that there is still more bearish moments to come.
Other predictions alike foresee more dump to the market to a tune of $2,500 this year and even more. Meanwhile, Tom Lee and Hermann Finnbjörnsson expect the bullish trend to start soon. Hermann expects Bitcoin to rise to $10,000 by the beginning of November.
Amid many predictions of doom that have trailed the market recently, Michael Novogratz’s opinion of goodwill is joining the view of Tom Lee and Hermann Finnbjörnsson.
Michael Novogratz’s Prediction Of The Cryptocurrency Market
Michael Novogratz reveals that the price of cryptocurrency has hit its bottom, and the bear moment is over. This means that the bullish trend should start any time soon.
The former hedge fund manager and the founder and CEO of Galaxy Digital Capital Management conveyed his message via Twitter, illustrating Bloomberg’s Galaxy Crypto Index [BGCI].
The BGCI is an assessment parameter created by Bloomberg in conjunction with Galaxy Digital Capital Management. This was designed to track the top ten cryptocurrencies.
Based on the chart, Michael said that the chart retouched the highs of last year and the point of acceleration that led to the massive bubble. He is very confident of the markets’ rebound, just like Tom Lee also opined that the market is already out of the danger zone.
Regardless of the predictions, the time will give justice to all the projections.