Dear readers , right now Crypto prices are suffer from massive sell off or we can say we are in Crypto Bear market , as market is down and Some big investors are talking about crypto future and about when its price take off again , Mike Novogratz is a Billionaire Investor who share their views on Federal Reserve Chair Jerome Powell raised its policy interest rate by 0.75%, increase rates On Thursday (June 16),
Novogratz comments on cryptocurrency Current state during the interview on Monday Bloomberg TV’s “Bloomberg Ma/rkets: The Close“
“Crypto must be held in the context of macroeconomic events. The Fed would have to withhold liquidity and there would be headwinds. So assets that were based on low money forever (e.g. growth stocks or high-end watches or crypto) were under severe pressure throughout the year.
So as per Novogratz Crypto Bear market may in pressures for the End of this year , But it always seen as per previous data that BTC take some positive moves in the month of September
Futher he sate that
“What has exacerbated the crypto move is a group of leveraged players who had far more leverage than people thought… So you talk Celsius or Three Arrows Capital… That’s almost exactly what happened in 1998 in Long Term Capital Management… Market neutral players with massive leverage that’s being undone and that’s causing a lot of fear in this space. You see a lot of credit being pulled from the space and prices falling when those credits are withdrawn.
“I look at the U.S. Stock Market. It seems to have 4% more to reach 33500. This is the 200-week mean. There is support. You are witnessing this liquidation, and cryptos is catching up.
“My guess is leverage has been knocked out of the system, but Humpty Dumpty doesn’t get put back together right away. It takes a while to kind of sort through. There’ll be bankruptcy proceedings in many companies, and so I think while we should bounce off of $20,000 [for $BTC] and bounce off of $1,000 [for $ETH], it’s gonna take a little while for crypto to regain narrative, regain confidence…“
“I believe there are people waiting to build. But I think the first buyers of the traditional sense will be global macro hedge funds. When the Fed stops talking and says “we have raised enough”, I believe you will see many traditional macro funds that had a fantastic year buying Bitcoin. We’ll increase our position at that time …”
“Those who have been doing this for a while know that a soft landing is impossible. The economy will soon enter recession. The economy will crash to a halt quickly. This is what the Fed must do to reduce inflation. So, we will go through an awkward period when growth is going over but inflation is going to remain stubborn until it rolls. Crypto will take off when the Fed signals the pause once they see it rolling. Other assets will follow.”
As per Crypto Birb Analyst the BTC is Finding its bottom same analyst predict that the bottom is 16 k and some predict for 12k Lets see how btc take moves Ride as Chain data shows only new crypto holders are selling their bitcoin but old wallets are still holding , this shows the Faith in Crypto