Summary
- Mike Novogratz, Galaxy CEO, diagnosed that the recent crypto asset slump is a short-term correction.
- He said that long-term holders' asset rebalancing puts short-term pressure on prices but is a healthy process in the medium to long term.
- Novogratz CEO forecasted a market rebound possibility with the change of the Federal Reserve (Fed) chair by year-end.
Mike Novogratz, Galaxy CEO, said about the recent weak crypto asset (cryptocurrency) market situation that "it is a short-term correction, but a healthy redistribution process in the long term," and predicted a possible rebound by year-end.
On the 6th (local time), Novogratz said on his X, "The crypto asset market is very depressed," adding, "After a long bull market, long-term holders are rebalancing their assets and reducing large concentrated positions. This puts pressure on prices in the short term, but is a healthy process in the medium to long term."
He said, "We have not yet seen the peak of this cycle," and predicted, "By around year-end a new chairman of the Federal Reserve (Fed) is expected to take office, and he will be much more dovish than the market expects." He added, "This change will create the narrative for the next rally."
Doohyun Hwang
cow5361@bloomingbit.ioKEEP CALM AND HODL🍀![[Market] Bitcoin falls below $82,000...$320 million liquidated over the past hour](https://media.bloomingbit.io/PROD/news/93660260-0bc7-402a-bf2a-b4a42b9388aa.webp?w=250)
