The cryptocurrency market continues to struggle with harsh winter conditions. However, the current situation is working against the circumstances. The US CPI data, which came above the latest expectations, was also a headwind to the market. On the other hand, leading crypto Bitcoin and altcoins made an upward move ahead of the weekend. While this will make you say ‘I wonder’, crypto billionaire Mike Novogratz advised crypto bulls to lower their expectations.
“Crypto bulls, don’t get your hopes up too much, not yet!”
cryptocoin.com As you follow, the weather conditions in the cryptocurrency market are changing very quickly. Just as the end of winter is coming, stronger winds are hitting the market. US NFP and US CPI data, which created a favorable environment for the Falcon Federal Reserve, led the market to lows in the south.
Surprisingly, however, cryptocurrencies took a hit ahead of the weekend. While a new moon market rally was about to begin, cryptos quickly ran out of breath. Galaxy Digital boss Mike Novogratz says in a recent tweet that upcoming market rallies will likely subside. The famous crypto billionaire shared the following:
This is a battle between “Hope and Data”. The bulls hope the economy will slow down. However, the data tells us it’s not yet, or even close. Short closing rallies will fade until the data reverses. U Mich stopped the comeback on its tracks.
This a a battle between “Hope and Data” — bulls are hoping the economy slows and the data is telling us not yet, not even close….
Until the data turns short covering rallies are to be faded
U Mich stopped the reversal in its tracks
— Mike Novogratz (@novogratz) October 14, 2022
Cryptocurrency billionaire bullish on Bitcoin in the long run
According to Mike Novogratz, the bulls are moving in hopes that the US will eventually slow down. However, the crypto billionaire claims that this is not the case at all. cryptocoin.com Novogratz has repeatedly stated that the cryptocurrency market is unlikely to recover without a potential Federal Reserve pivot. However, hopes for a more cohesive monetary policy dwindled after the latest data.
Galaxy Digital boss Mike Novogratz predicts the Fed will raise interest rates ‘several times’. Earlier today, Bitcoin came close to regaining the $20,000 level. However, it later lost strength and retreated towards the $19,000 levels. Also, Novogratz recently warned that the cryptocurrency market will not bounce back immediately after a major correction. However, the crypto billionaire remains bullish on the leading cryptocurrency in the long run. In line with this, he said last month that the Bitcoin thing plays out ‘every day’.
