Bitcoin has been on the rise with the start of the new month. The very first week of October brought with it great tidings as leading cryptocurrencies in the market had actually started to rally for the very first time in weeks. Bitcoin hit a new 4-month high on Friday with its break above $56K. Bulls have actually set their eyes on brand-new all-time highs prior to completion of the year and CEO of Galaxy Digital Mike Novogratz has actually echoed this belief.
New Investors Holding Up The Market
Billionaire Mike Novogratz was on CNBC’s “Squawk Box” to talk about the crypto market. Novogratz stated that brand-new financiers were the factor bitcoin and ethereum cost had actually held their high worth. New investor enthusiasm has been on the rise since the bull market first slid into full gear at the beginning of 2021. But the current turn of occasions in the crypto market has actually set off a new age of entrants into the area.
Novogratz puts the current crypto global wealth percentage at 0.5%, only a small number compared to other financial markets. Nonetheless, a remarkable portion is considered that the crypto market is yet to enter its teenage years. The billionaire expects the percentage to rise well above 0.5% as more investors move into the crypto space.
Speaking of brand-new financiers entering into the marketplace and holding up the costs, the billionaire had this to state; “It’s holding because of just new money coming in. There was $17 billion of new venture capital that went into the first half of the year. It’s just a tremendous inflow of both talent and money.”
Expecting A Parabolic move
Novogratz’s firm Galaxy Digital is a well-known investor in the blockchain and cryptocurrency industry. Given this, the billionaire has actually constantly been bullish on the crypto market and has actually been singing about his bullish position. During his interview, the CEO revealed that he was expecting the crypto market to break new all-time highs through the fourth quarter of the year.
“Not to sound like the ever bullish guy that I sometimes am accused of being, but I literally see a scenario where we take out the highs in Bitcoin and we have one of these parabolic moves in all the crypto going into the fourth quarter.”
Novogratz explained the reasoning behind his prediction using a racehorse analogy. He compared the motion of the crypto market to “the horse that turns the corner at the end” that winds up winning the race. Novogratz reiterated his bullish stance for the final quarter of the year. “The assets that are ahead in the fourth quarter usually have great finishes because everyone piles on and pushes the valuations higher.”
