The CEO of the investment company Galaxy Digital said that the sellers are extremely exhausted, and their activity in the cryptocurrency and stock markets will last for a maximum of six months.
According to Michael Novogratz, more and more sellers in the cryptocurrency market are “leaving the race”. He noticed that three months ago, after a big sell-off and deleveraging, most investors who needed fiat sold their holdings. Therefore, according to Novogratz, the price of cryptocurrencies is greatly underestimated.
“The bearish cycle could last another two to six months. The trend is changing not only in the cryptocurrency, but also in the stock market,” said the CEO of Galaxy Digital.
He emphasized that the less activity in the crypto industry, “the less sellers and new buyers.” However, Novogratz warned that the exhaustion of the bears is not enough for cryptocurrencies to rally. He believes that as soon as the bears run out of assets, and the US Federal Reserve changes policy, Bitcoin and altcoins will start to rise.
Recall that, according to the analytical platform Santiment, since September 27, large bitcoin holders have increased their savings in the first cryptocurrency by 46,173 BTC ($929 million). Recently, the CEO of Bitwise Index Fund stated that cryptocurrencies provide an opportunity to make money at any time, and bearish sentiment is ideal for creating millions of dollars.
