Novogratz: Interest Left Crypto for Macro, But Bitcoin Will Emerge As Store of Value

Tony "The Bull" Severino

1 year ago

3 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Created by industry experts and meticulously reviewed

The highest standards in reporting and publishing

How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Outspoken Bitcoin bull and founder of the cryptocurrency-focused Galaxy Digital, Mike Novogratz, believes that investor interest in cryptocurrencies like Bitcoin and Ethereum have left the market for macro trading.

Despite this, Novogratz still expects Bitcoin to emerge as a digital store of value in the end.

Novogratz: Investors and Traders Ditch Crypto for Macro Trading

During all of 2017, Bitcoin and its altcoin cousins experienced a bull run of epic proportions, propelling the emerging asset class into the mainstream limelight, and sending the price of Bitcoin skyrocketing to $20,000.

But the trend ran out of steam, the crypto bubble popped, and Bitcoin’s parabolic advance was broken, resulting in a deep correction across the entire asset class. The correction has turned into a year-long bear market that has recently proven it has many more months to go.

During this time, the global macroeconomic landscape has spun out of control, stemming from growing debt and an ongoing trade war between the United States and China. It’s created a storm of uncertainty around certain assets that are closely tied to a country’s overall economic and political views.

The wildly fluctuating price movements in the macro market, Mike Novogratz says, has created a “cool era” much like the exuberant buzz crypto enjoyed throughout last year. Novogratz says that macro “got quite boring for many years,” while crypto was “really exciting,” and now the roles have reversed.

The overall global economic climate may also be having an effect on Bitcoin’s prices, as investors seek to reduce risk in the face of a looming recession. Taking into consideration cryptocurrency’s powerful price volatility and penchant for falling as much as 98% from previous all-time highs, cryptocurrencies are among the riskiest asset classes.

Despite this, Novogratz still thinks that Bitcoin will eventually become the store of value it was pitched as during the 2017 bull market.

“I am certain we will have a digital store of wealth. I think it will be Bitcoin,” Novogratz told Bloomberg.

Novogratz: Bitcoin to Trade Between $3,000 and $6,000 for “Foreseeable Future”

Mike Novogratz is always ready with a new price prediction for Bitcoin. The Galaxy Digital CEO recently claimed that Bitcoin would break $10,000 by the end of the second quarter in 2019, sending the leading cryptocurrency by market cap to new highs.

However, after it fell through critical price support at $6,000, he’s now changed his tune. Novogratz now expects the first ever cryptocurrency to trade between $3,000 and $6,000 in the short term.

Novgratz also took the opportunity to remind investors to think long-term, suggesting that comparing the profit performance of buying Bitcoin two years ago versus buying gold, into the S&P, or “any other asset,” would show that Bitcoin leads the pack in terms of overall gains.

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.