Michael Novogratz, founder of Galaxy Digital, has said during an interview with Yahoo Finance that the current bearish phase of the cryptocurrency market could last up to six more months.
According to him:
"You know the bear case is we’ve got two to six months left of this pain. The bull case is the market starts breaking. And we’re seeing a lot of breakage. Not necessarily in crypto but in the rest of the world."
According to him, the selling momentum in the digital asset market has largely dried up.
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Novogratz has added:
"Crypto’s interesting in that three months ago, after the big selloff and the deleveraging, most people that needed to sell sold."
He has pointed out this put pressure on prices and also reduced activity in the crypto market, including from buyers.
Novogratz has linked the selling of Bitcoin and other cryptocurrencies to an aggressive increase in interest rates by the Fed. At the same time, the regulator's policy has influenced BTC more than many other assets.