This is when Bitcoin holders can expect BTC to take the lead in a cryptocurrency rally, according to billionaire Mike Novogratz
Galaxy Digital CEO Mike Novogratz reveals when he thinks Bitcoin (BTC) can act as the driving force behind a widespread crypto market rally.
The billionaire and the Bitcoin bull says his 465,100 Twitter followers are the reasons why he believes that the top crypto asset by market value is better than the US stock market.
“Crypto is trading badly. This is going to be a period that puts people’s convictions to the test. We find a bottom when we do. The break from traditional financial markets is because we do not have repurchases of companies and giant pension rebalancing that causes this pressure on equities. »
In the last week, the S&P 500 has risen by almost 1[ads1]0% from the lowest on May 23, while Bitcoin has fallen by almost 5% over the same time frame.
According to Novogratz, Bitcoin traders should pay close attention to the Federal Reserve, as any change in its hawkish stance could inspire a rally in the crypto markets.
“BTC will lead the next rally when the Fed stops / whips. Good projects will follow. This industry will not disappear. We are only adapting to an asset bubble popping up caused by the Fed. Building revolutionary technology and changing should not be easy . »
Novogratz earlier warning that altcoins risk falling by another 70%, but he believes that crypto will eventually recover.
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Featured image: Shutterstock / NextMarsMedia / Chuenmanuse
