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Breaking News: Celsius Founder Alex Mashinsky Receives 12-Year Prison Sentence

Galaxy Digital CEO Mike Novogratz Says This Will Kickstart The Bitcoin Bull Market

Best Owie
Best Owie
1 year ago
3 mins read
Bitcoin

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Bitcoin and the broader cryptocurrency market have been trending sideways for the last month with no indication of an upside at this point. However, not everyone is bearish on the market as Galaxy Digital CEO Mike Novogratz expects the market to turn bullish soon, and he gives reasons for why he believes this will happen.

Reasons Why Bitcoin Will Begin A Bull Rally

Novogratz was interviewed on CNBC’s Squawk Box on Thursday, June 1, where he gave his opinions on the Bitcoin and crypto market and where he expects the market to go. Contrary to the current market trend, the CEO remains very bullish on the digital asset and expects a bull trend going off some developments in the market right now.

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He pointed toward the rising adoption from Asia as countries such as Hong Kong begin opening up new ways for retail investors to participate in the market. Not only this but the largest social messaging platform in China, WeChat, began offering Bitcoin price data to users, allowing them to check the current price of BTC in yuan.

Both of these, Novogratz says, will be a catalyst for the bitcoin bull market. “Crypto’s lackadaisical right now. There’s a constant bid from retail. We’re seeing it through all the platforms,” the Galaxy Digital CEO told CNBC.

Bitcoin (BTC) price chart from TradingView.com

BTC struggles to hold $27,000 | Source: BTCUSD on TradingView.com

Expecting A Turn From The Federal Reserve

In his interview, Novogratz also points to the fact that he expects that the Federal Reserve will change direction later this year, which he believes would be good for Bitcoin. As the Fed maintains its hawkish stance to tackle inflation, risk assets such as stocks and BTC continue to suffer but this could quickly change if the Fed becomes dovish.

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The CEO expects this to happen sometime in October 2023 and this, he says, will trigger a bull run for digital assets in the space. As the Fed drops interest rates, so will interest in Bitcoin rise, leading to a rapid surge in price. Given this, Novogratz expects investing in Bitcoin to be a better decision than buying a one-year T-bill.

As for institutions, he points to the fact that they have reduced their participation in the market but this does not mean they’re gone. Novogratz believes the institutions will return to the second when “one of two things happens. You either need settled and sensible rules in place for crypto. Or you need the Republicans to win next year’s U.S. elections.” He further added that “Crypto has almost overnight become a crazily partisan issue, which is exactly what the industry didn’t want or need.”

At the time of writing, Bitcoin is still struggling in the market, trading at $27,087 with meager gains of 0.77% in the last day.

Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet… Featured image from iStock, chart from TradingView.com
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Best Owie
Best Owie

Best Owie

Best Owie is a seasoned managing editor with a wealth of experience currently serving as the Managing Editor at NewsBTC. Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality.

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Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best’s publications, which are always clear and concise, enabling easy reading and understanding for all.

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Best’s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information.

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When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world’s most quiet and well-behaved Husky. Best’s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well.

As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers.

Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best’s prolific career in the media industry is a testament of how hard work and dedication pays.

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