Mike Novogratz, the CEO of the crypto investment company Galaxy Digital, has recently predicted that the next bull cycle of Bitcoin (BTC), the largest cryptocurrency by market cap, could start in the fourth quarter of 2022.
Novogratz shared this opinion at the Consensus 2022 conference in Austin, Texas. According to the billionaire investor, Bitcoin (BTC) is not going to trade well until the Federal Reserve takes a break.
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As reported by CoinDesk, Novogratz also stated that the flagship cryptocurrency would bottom before the United States equity markets.
Mike Novogratz noted:
“My hope is that by the fourth quarter, the economy will be slowing enough that the Fed says we are going to pause, and then you will see the next crypto cycle start. Then Bitcoin will break from equities and lead markets… Rates are going to 5% in the U.S. I hope crypto can decouple.”
He furthered by urging investors to “fight the impulse to be so greedy” so as to successfully navigate the bull market when it finally arrives.
The former hedge fund manager cited the collapsed LUNA as an example. He said investors who bought LUNA early saw returns up to 300 times their initial investment, which is an unrealistic expectation if the current state of the market is put into consideration.
He said, “When ecosystems go real fast, there’s a reason for it. Know what you are investing in. You don’t get 18% for free.”
Meanwhile, Novogratz had stated that the continuous drop in the prices of digital currencies can be attributed to the market’s reaction to the United States Federal Reserve’s stimulus withdrawal.
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