Bitcoin has been on the rise with the beginning of the brand new month. The first week of October introduced with it good tidings as high cryptocurrencies available in the market had begun to rally for the primary time in weeks. Bitcoin hit a brand new 4-month excessive on Friday with its break above $56K. Bulls have set their eyes on new all-time highs earlier than the tip of the 12 months and CEO of Galaxy Digital Mike Novogratz has echoed this sentiment.
New Investors Holding Up The Market
Billionaire Mike Novogratz was on CNBC’s “Squawk Box” to speak in regards to the crypto market. Novogratz stated that new buyers had been the rationale bitcoin and ethereum value had held their excessive worth. New investor enthusiasm has been on the rise for the reason that bull market first slid into full gear at first of 2021. But the latest flip of occasions within the crypto market has triggered a brand new wave of entrants into the house.
Related Reading | CEO Of Soros Fund Management Confirms That The Family Office Is Invested In Bitcoin
Novogratz places the present crypto world wealth proportion at 0.5%, solely a small quantity in comparison with different monetary markets. Nonetheless, a formidable proportion is on condition that the crypto market is but to enter its teenage years. The billionaire expects the proportion to rise properly above 0.5% as extra buyers transfer into the crypto house.
BTC value buying and selling north of $54K | Source: BTCUSD on TradingView.com
Speaking of recent buyers coming into the market and holding up the costs, the billionaire had this to say; “It’s holding because of just new money coming in. There was $17 billion of new venture capital that went into the first half of the year. It’s just a tremendous inflow of both talent and money.”
Expecting A Parabolic transfer
Novogratz’s agency Galaxy Digital is a well known investor within the blockchain and cryptocurrency business. Given this, the billionaire has at all times been bullish on the crypto market and has been vocal about his bullish stance. During his interview, the CEO revealed that he was anticipating the crypto market to interrupt new all-time highs via the fourth quarter of the 12 months.
Related Reading | Investors Expect Ethereum To Outgrow Bitcoin, According To CoinShares Survey
“Not to sound like the ever bullish guy that I sometimes am accused of being, but I literally see a scenario where we take out the highs in Bitcoin and we have one of these parabolic moves in all the crypto going into the fourth quarter.”
Novogratz defined the reasoning behind his prediction utilizing a racehorse analogy. He in contrast the motion of the crypto market to “the horse that turns the corner at the end” that finally ends up profitable the race. Novogratz reiterated his bullish stance for the ultimate quarter of the 12 months. “The assets that are ahead in the fourth quarter usually have great finishes because everyone piles on and pushes the valuations higher.”
Chart from TradingView.com