Bitcoin and altcoin billionaire Mike Novogratz scared off at his recent CNBC engagement, saying he doesn’t believe the market will bounce immediately and could see further declines.
Mike Novogratz says Bitcoin bears aren’t leaving the scene just yet
Mike Novogratz, CEO of Galaxy Investment Partners and also a fund manager and investor, says he expects a big drop, most likely due to the NASDAQ He expressed his thoughts on current market conditions. Additionally, Novogratz does not expect a “soft landing” in financial markets, as the market has yet to rise by 50 basis points and there has been no large outflow of funds from risky assets such as equities.
As we have mentioned in the analysis of Cryptokoin.com, the cryptocurrency market has been in this situation since yesterday. It has seen a significant drop since then, which wipes out all the gains from the price hike that occurred soon after the rate hike was announced. Meanwhile, cryptocurrency investors have seen long and even short liquidations of $400 million during the high volatility.
Novogratz’s previous forecasts
at the end of March, expressing that he is quite optimistic, Mike Novogratz noted that he would not be shocked if the market rises by the end of the year and reaches much higher levels than it is now. However, while positive over the long term, Novogratz remains skeptical about the performance of the cryptocurrency market in the weeks and even months ahead, citing continued pressure on stocks and other high-risk assets as a result of the Fed’s rate hike. Novogratz is a well-known supporter of crypto adoption and is confident that he will play a key role in the next upswing, which is scheduled to begin at the end of the year.
Finally, in March of last year, Novogratz said that if the Terra (LUNA) price exceeds $100, he will get it tattooed on his arm. The CEO and Founder of Galaxy Digital even conducted a Twitter poll for the $100 claim. Then LUNA reached $119.18 on April 05, 2022.
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