Prominent cryptocurrency investor is saying the bottom is in.
Mike Novogratz of Galaxy Digital, says that he thinks bitcoin and the rest of the cryptocurrency markets likely put in a bottom yesterday.
If the name Mike Novogratz sounds familiar, it should...
Novogratz formerly worked for Goldman Sachs and he formerly ran the Fortress hedge fund. He recently launched a crypto hedge fund and is building out a crypto merchant bank.
He has stated openly that he wants his bank to be the Goldman Sachs of crypto.
His Galaxy Digital Asset Fund was funded initially primarily with his own money.
Saying that he didn't want to take investors money at a time when he personally was selling some of his crypto holdings due to the original launch date set for end of 2017.
Good on you Mike.
That was a time when there was tremendous froth in the markets.
(Source: https://blockchainstocks.com/in-depth-analysis-of-galaxy-digital-tsxvglxy-stock/)
Why is he saying the bottom is in now?
Novogratz will be the first to tell you that he is not a technical trader, however, he has made a few very good calls.
Back in December when he said he won't be launching his fund during the euphoric market conditions, he said that once it topped like it did, it would take at least 8 months for prices to bottom out.
Here we are 9 months later and it is looking like he might have been spot on.
He also was pretty astute at calling the top in bitcoin after it got close to $20k and pulled back sharply. He said most likely that was the top and it won't be worth buying crypto again for at least 8 months.
Nice call Mike.
Fast forward to today...
He's calling a bottom now because the entire crypto market cap has erased all of the euphoric portion of last year's move.
In late October and early November, the price of bitcoin really started accelerating to the upside.
Prices have now come all the way back to where they were before that rally happened:
Something that Mike says often happens when you have "blow off top" bubble market activity.
Couple Mike's call with the fact that we are about to enter a very strong time of the year seasonally for bitcoin and crypto prices and I think there is a very good chance Mike ends up being right.
Over the past 3 years, the 4th quarter has been overwhelming bullish for crypto.
Looking like there is a good chance steem, bitcoin, etc may finally start seeing some bullish price action moving forward.
It sure is a sight for sore eyes.
Stay informed my friends.
Image Source:
https://www.ccn.com/mike-novogratz-says-the-cryptocurrency-market-has-found-a-bottom/
