Michael Novogratz, the well known Bitcoin (BTC) supporter and CEO of Galaxy Digital has recently made a bold statement claiming that markets have hit “seller fatigue,” which is in line with his belief that the market has hit a low and all prices are down.
He made these comments at Yahoo Finance’s second annual “All Markets Summit.” Just last week, BTC Wires had reported that Novogratz had “called a bottom” for crypto on social media. He posted the following tweet:
This is the BGCI chart…I think we put in a low yesterday. retouched the highs of late last year and the point of acceleration that led to the massive rally/bubble… markets like to retrace to the breakout..we retraced the whole of the bubble. #callingabottom pic.twitter.com/EasTBYgjSj
— Mike Novogratz (@novogratz) September 13, 2018
At Yahoo’s Summit, he said,
“Bitcoin has held $6,000. Yes, it is off its highs, but it has established itself as a store of value,”
“I think institutions are moving towards investing. It’s shocking how much has happened.”
The market has seen sharp twists and turns this past week. Bitcoin has made a few gains and Ethereum too has made gains of almost 11 percent in just 24 hours. However, the biggest news of the moment remains Ripple’s dethroning of Ethereum to emerge as the second largest cryptocurrency.
Recently Cannabis stocks have been hitting all time highs. Drawing from that, Novogratz said,
“The prices of cannabis stocks today feel like bitcoin and ethereum did in December of last year,” He expects for the market to grow “relatively rapidly.”
It would be prudent to not make any assumptions right now since the market is extremely volatile. We will have to sit and wait for how it plays out.