Bitcoin (BTC) has fallen over 51 percent in 2018 and, according to cryptocurrency investor Mike Novogratz, it has finally bottomed. The CEO of Galaxy Digital Capital Management also holds that the market will bounce back.
“I Think We Put In a Low”
Prominent investor Mike Novogratz tweeted September 13 that the cryptocurrency market has bottomed out.
[The BGCI] retouched the highs of late last year and the point of acceleration that led to the massive rally/ bubble… markets like to retrace to the breakout. [We] retraced the whole of the bubble.
This is the BGCI chart…I think we put in a low yesterday. retouched the highs of late last year and the point of acceleration that led to the massive rally/bubble… markets like to retrace to the breakout..we retraced the whole of the bubble. #callingabottom pic.twitter.com/EasTBYgjSj
— Mike Novogratz (@novogratz) September 13, 2018
At the time of writing this, Bitcoin trades at $6,491.95, which marks an increase upwards of 2 percent in the last 3 days, according to data from CoinMarketCap. Nevertheless, the world’s largest cryptocurrency is still down with around 15 percent in the last two weeks.
Yet, Novogratz holds that the markets are going to bounce back.
Markets like to retrace to the breakout. […] We retraced the whole of the bubble. – he said.
This isn’t the first time the investor has called a bottom. Earlier in July, Novogratz said:
I think we’ve pretty much bottomed. I’m not positive we bottomed but it feels like we have. […] I do think we are building a nice bottom for the next move up.
Ran Neu-Ner Follows Up
Mike Novogratz is not the only expert who holds that the cryptocurrency market may have reached its lowest point for the year.
CNBC’s Cryptotrader host Ran Neu-Ner also shared the same sentiment, quoting number from Coinbase:
Received these Coinbase numbers from @BarrelProtocol yesterday. They suggest that we may have seen the bottom. Withdrawals seem to have bottomed out. Fiat inflows on the way up. It’s not a confirmation but certain a good sign.
https://twitter.com/cryptomanran/status/1040478751434461184
Do you think that cryptocurrency markets have bottomed out? Don’t hesitate to let us know in the comments below!
Images courtesy of Shutterstock, Twitter