While the rest of the world is contemplating the Consumer Price Index data that will be released on Thursday, Mike Novogratz has a different opinion on the whole scenario.
According to the CEO of Galaxy Digital, the current trend will continue for another two to six months under a bearish scenario and the market can begin breaking in a bullish scenario. And he claims that there is a lot of breakage in the cryptocurrency market and in the rest of the world.
In an interview with Yahoo Finance, Novogratz claims that once the Federal Reserve stops its monetary tightening measures, Bitcoin (BTC) and other crypto assets are expected to rise.
“Since the Fed has decided to try to smash inflation by raising rates aggressively, the most aggressive rate-raising in our lifetime, Bitcoin sold off with other assets. It’s actually done better than most. I think if you finally get the pause, you will start seeing Bitcoin pick back up. Bitcoin and all cryptocurrencies. Are we going to get the pause? At one point, yes.”
The Fed is still acting in an effort to curb inflation and calm the economy, which has been pushing prices to their highest levels in decades. As investors react to an uncertain economic climate, the effects of every fresh Fed rate increase are still being felt on the stock and cryptocurrency markets.
Investors in cryptocurrencies may be in for another wild ride next week if these preliminary results hold and the meeting ends up being anything like the last four Fed meetings. Historical price charts demonstrate how the price of bitcoin fell after the Fed meetings in March, May, September, and June by at least 10% or more.
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Source: https://coinpedia.org/altcoin/when-will-the-crypto-bear-market-end-predicts-billionaire-mike-novogratz/