Here’s When Bitcoin Owners Expect BTC to Lead the Crypto Rally, According to Billionaire Mike Novogratz
Galaxy Digital CEO Mike Novogratz made the revelation when he believed that Bitcoin (BTC) could serve as the driving force behind the rally in the broad cryptocurrency market.
Billionaire and Bitcoin bull Tells His 465,100 followers on Twitter, the reasons why he believes the US stock market is outperforming the top crypto assets by market capitalization.
“Crypto is trading poorly. This is going to be a period that will test people’s convictions. We will find the bottom when we do. The disconnection from the traditional finance markets is due to the lack of corporate buybacks and giant pension rebalancing that is causing this stress in stocks.”
In the past week, the S&P 500 is up about 10% from its low on May 23, while Bitcoin is down about 5% over the same time frame.
According to Novogratz, bitcoin traders should keep a close eye on the Federal Reserve as any shift in its hawkish stance could inspire a rally in the cryptocurrency markets.
“BTC will lead the next rally when the Fed pauses/swings. Good projects will follow suit. This industry is not going away. We are just adjusting to the bursting of the Fed’s asset bubble. Building revolutionary technology and change isn’t supposed to be easy.” .
Novogratz earlier warned That cryptocurrency is at risk of another 70% drop, but he believes the cryptocurrency will eventually recover.
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