Bitcoin is rising at the beginning of the new month. The first week of October brought good news as the top cryptocurrencies in the market started rallying for the first time in a week. Bitcoin reached a new 4-month high on Friday, with a break above $ 56K. The Bulls are eyeing new all-time highs before the end of the year, and Galaxy Digital CEO Mike Novogratz echoes that sentiment.
New investors are holding the market
Millionaire Mike Novograts was on CNBC’s “squawk box” to talk about the crypto market. Novogratz said new investors had reason to keep their high prices on bitcoin and etherium. Enthusiasm for new investors has been on the rise since the bull market went into full swing in early 2021.
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Novogratz keeps the current crypto global asset rate at 0.5%, a small number compared to other financial markets. Yet, given the impressive percentage that the crypto market has not yet entered its teens. The billionaire expects the percentage to grow well above 0.5% due to the transfer of more investors to the crypto space.
BTC price trading north of $54K | Source: BTCUSD on TradingView.com
Speaking of new investors coming to the market and keeping prices down, the millionaire had this to say; “It simply came to our notice then. There was vent 1 billion in new venture capital that went up in the first half of the year. It’s just a great flow of both talent and money. ”
Expect a parabolic move
Novogratz’s firm Galaxy is a well-known investor in the digital blockchain and cryptocurrency industry. With this in mind, the millionaire has always been bullish in the crypto market and has been vocal about his bullish stance. During his interview, the CEO revealed that he expected the crypto market to break new all-time highs in the fourth quarter of the year.
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“I may not sound like the bullish guy I am sometimes accused of, but I literally see a scene where we pull out the heights of Bitcoin and have one of these parabolic steps in all of the crypto going into the fourth quarter.”
Novogratz explained the reasoning behind his prediction using a race analogy. He compares the movement of the crypto market to “the horse that turns the corner towards the end” that ends up winning the race. Novogratz repeated his bullish position for the last quarter of the year. “Assets leading up to the fourth quarter usually get a great finish because everyone evaluates and evaluates more.”
Chart from TradingView.com