Mike Novogratz predicted the duration of the bear market

The current bearish phase of the cryptocurrency market may last for another six months, according to Mike Novogratz, founder of Galaxy Digital, in an interview with Yahoo Finance.

«A bearish case means that we have two to six months of pain left. In a bullish case, the market starts to break down. We will see many more changes. Not necessarily just in cryptocurrencies, but in the rest of the global industries,» he said.

Novogratz attributed the sale of bitcoin and other cryptocurrency assets to the aggressive increase in interest rates by the US Federal Reserve. At the same time, the cryptocurrency expert believes that the regulator’s policy has affected digital gold more than many other assets.

«I think that when the [у підвищенні ставок — ред.] pause comes, we will see bitcoin grow again. So willother cryptocurrencies,» summarized the founder of Galaxy Digital.

It is worth reminding that Galaxy Digital Holdings, a trading bank founded by Novogratz, owns 16,400 BTC worth more than $ 357 million and is among the top 10 companies with the largest amount of flagship crypto. Michael Novogratz, a big supporter of bitcoin, noted back in the spring of 2020 that the coronavirus pandemic had sparked interest in cryptocurrencies and that this was «bitcoin's moment.» However, he later argued that gold was a safer bet due to the volatility of cryptocurrencies.