Mike Novogratz predicted the duration of the bearish cycle in the cryptocurrency market

The current bearish phase of the cryptocurrency market could last up to six months longer. This opinion was expressed by the founder of Galaxy Digital Mike Novogratz in an interview with Yahoo Finance.

“You know, the bear case means we have two to six months of this pain left. In a bullish case, the market starts to break down. And we will see many fractures. Not necessarily in cryptocurrencies, but also in the rest of the world, “she said.

According to him, the sales momentum in the digital asset market has largely been exhausted.

“Cryptocurrencies are interesting because three months ago, after a serious sale and deleveraging wavesmost of the people who needed to sell did, “believes the billionaire.

This put pressure on prices and also reduced activity in the cryptocurrency market, including from buyers, Novogratz noted.

He linked the sale of bitcoin and other cryptocurrencies with an aggressive rise in interest rates by the US Federal Reserve System (FRS). At the same time, the regulator’s policy has influenced digital gold more than many other assets, Novogratz believes.

“I think when there is a break [в повышении ставок], we will see how bitcoin grows. Just like other cryptocurrencies. We stop? At some point, yes, “she said.