Bitcoin ‘Seller Fatigue’ Means Market Has Bottomed, Michael Novogratz Tells Yahoo
Michael Novogratz has again called the end of the 2018 crypto bear market, claiming this week marked the bottom for prices.
Galaxy Digital CEO and infamous Bitcoin (BTC) supporter Michael Novogratz says cryptocurrency markets have hit “seller fatigue,” repeating his belief that prices have bottomed, various media outlets report Friday, September 21.
As part of his comments at Yahoo Finance’s second annual “All Markets Summit,” Novogratz, who last week “called a bottom” for crypto on social media, said Bitcoin’s price drops throughout this year had demonstrated its new stability.
“Bitcoin has held $6,000. Yes, it is off its highs, but it has established itself as a store of value,” he told the audience quoted by Reuters, adding:
“I think institutions are moving towards investing. It’s shocking how much has happened.”
Both Bitcoin and major altcoins were seeing a renaissance Friday after a week of flat performance, with BTC/USD climbing to highs above $6700 at press time.
Ethereum (ETH) delivered gains of almost 11 percent in 24 hours, hitting $230 for the first time since September 6.
Continuing, Novogratz additionally likened the current climate in cannabis stocks to how Bitcoin and Ethereum were in 2017.
“The prices of cannabis stocks today feel like bitcoin and ethereum did in December of last year,” CNBC quotes him as saying, forecasting the market to grow “relatively rapidly.”
Thursday, September 20, saw U.S. regulators again postpone a decision on a Bitcoin exchange-traded fund (ETF) application by VanEck and SolidX, with prices starting to rise soon after the news became public.