Former Wall Street Guru Explains Why All Is Set For Crypto Resurgence
He holds the view that digital assets have now stabilized on the low side ready for taking off.
Novogratz’s Recent Bullish Crypto Market Analysis
Thursday was a unique day for cryptocurrency lovers. Early in the day, major digital asset turned the market green after weeks of lows. For some analysts, they termed the gains as short-term while others projected that a major spike is on the way in the coming days. According to major market influence, the slight positive performance is an indication of something big to come soon.
Among them is Mike Novogratz, an ex-Wall Street expert. He is currently serving as cryptocurrency fund manager. The expert recently took to Tweet and posted what to expect ahead following the recent positive signs.
Novogratz Tweet was accompanied with a graph by Bloomberg titled “Galaxy Crypto Index,” and how it fared in the market over the last year. In May, as the boss of Galaxy Digital Capital Management, he inked a partnership with Bloomberg where they set up a dollar-based index. The platform was meant to analyze the performance of cryptos.
From the graph, he explained the reason behind the sudden bubble. He noted that, after witnessing lows on Wednesday, the highs experienced at the same period last year were retouched which was the juncture of the high acceleration resulting into the surprise resurgence.
All Set For Crypto Resurgence
His sentiments can be interpreted as suggesting that the crypto market has gone back the pre-bull run levels. He further explained why we have a positive signal in the market. Novogratz stated that all markets are fond of retracing to the breakout. He added that at this point, it is clear that prices have found a solid foundation at the bottom level and all is set for another spike in prices.
Novogratz tweet has elicited mixed reactions from the cryptocurrency community. In the comments section, investors are sharing conflicting ideas and different opinions something that might lead a varied analysis from the public.
The former trading guru’s bullish analysis was supported by a number of his followers while other did not agree with the method used to come up with the analysis.
After shifting from wall street to cryptocurrency, Novogratz has remained friendly to the industry. He has always supported cryptos even at the moment of negative performance. His latest analysis should not be a surprise because Novogratz is bullish when reviewing the crypto industry.
Novogratz opinion is viewed as valuable due to the success of Galaxy digital. He has made a smooth transition from Wall Street to guiding Galaxy Digital that was recently listed on TSX Venture exchange.