Galaxy Digital CEO and Bitcoin (BTC) bull Mike Novogratz warned crypto traders that altcoins could still see massive devaluations.
Novogratz says that altcoins are at risk of losing more than half of their value, even if they suffer a massive drop from all-time highs.
“Subs are down over 80%. In 2017 this was over 95%. My point is, picking bottoms is dangerous, and scale slowly if you do.”
The billionaire also says the outlook for the entire financial market is bleak, indicating that crypto assets are likely headed for lower prices.
Novogratz says that while the macro ground appears to be bearish, he remains optimistic that the crypto markets will eventually recover.
“Crypto is not going away. The amount of human capital moved into the field is not slowing down. The focus on creating decentralized infrastructure that allows value and property to flow as freely as information on the internet is not slowing down. Our community is resilient, has a shared belief in doing something new and reassurance that it is a very early start.”
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