Galaxy Digital CEO Mike Novogratz believes that cryptocurrency bulls should lower their expectations.
Bitcoin bull Novogratz expressed his views on crypto markets on his Twitter account.
Mike Novogratz Thinks Rallyes Will Decline
Galaxy Digital boss, in a post on his Twitter account, said that expectations should be lowered.
While crypto bulls hope the Fed’s aggressive interest rate policy will slow down, Novogratz thinks that’s not the case. According to him, market rallies will decrease.
Novogratz believes that the Fed must end its interest rate policy for the cryptocurrency markets to recover.
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
Hopes for a more coherent monetary policy do not seem to have been met for now.
Mike Novogratz thinks the Fed will raise interest rates a few more times. Some analysts also predict that the Fed’s interest rate policy will continue until at least January.
Novogratz recently warned investors that the cryptocurrency market will not make a comeback anytime soon.
Galaxy Digital CEO continues to think positively about Bitcoin in the long term.
Although Bitcoin came close to reclaiming the $20,000 level earlier in the day, it fell again. The leading cryptocurrency is trading at $19,182 at the time of writing, according to Binance data.
