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/
Follow me: @jrcornel
I really hope so, I have been buying more steem power really using this amazing opportunity (which I assume is not coming again)
I have shorted BTC till now and made a nice profit, and hopefully it will slowly going back up and maybe that profit can become life changing money...
I also think the ETF decision of 30/09 will affect the price if it is accepted or rejected... keep that in mind as well
Yep I think so as well. Did you cover your BTC short? What price did put the short on?
shorted at 6543. have my take profit under that so I am safe for now and I took some profits at 6400ish with those wicks that shot down
Just hope he is right 🧐
You and me both.
I trust that Novogratz is a very well connected individual and gets crypto information before most people. The question is what does he stand to gain by making such a statement? As head of a fund, his credibility is on the line, so I tend to trust him on this one.
I agree. He was right about a crypto top in late 2017. He hasn't called a bottom until now. I think he chooses wisely when he makes predictions.
Good news! Time to watch it ride up.
Posted using Partiko Android
The man the myth the legend Novotratz :D
Yes, he is up there as one of the most interesting people in the world. He might even tell you that himself. :)
All the Novogratz are designed for success😉
I hope he is right but still many hurdles from a sentiment and technical perspective to reverse the trend!
Agreed. Prices seem to be an inflection point right now. They either head back towards the lows or we are breaking out of the range to the upside.
It’s possible. That was the first capitulation type of move we have had in 8 months.
Posted using Partiko iOS
Especially in the altcoin markets. There was real fear, pain, and panic.
@jrcornel. May be not bottom, but it can be right pricing for current state. Now onward market will show progress based on project development and adoption.
Yes, hopefully.
this quarter is going to be the most crucial one hopefully the things will go as planned :)