Galaxy Digital CEO Mike Novogratz just issued a Bitcoin (BTC) and crypto market warning as the flagship digital asset sits marginally below a fresh all-time high.
In a new interview with Natalie Brunell, Novogratz says the current state of the crypto market is giving him concern.
-->“I’m a little nervous in general that there’s what feels to be a frenzy. We are getting five calls a week on new balance sheet companies. Like at one point, that’s what bubbles feel like… when the cab drivers are asking you about the balance sheet companies.
And it doesn’t mean I’m predicting a reversal. It just means you have your Scooby senses out that there’s a lot of frenzy.”
Although he’s beginning to feel some anxiety, Novogratz says BTC and other crypto assets have some more upside potential left.
“I think we’re going to have one more leg up in this cycle. If you look at cycles, we’re getting close to the end of the cycle. Like it’s usually two years after the halving that we get a peak… that would be four weeks from now, five weeks from now.
But I think it’s been such a strong year we’re going to ramp this in the fourth quarter is my gut feeling.”
Novogratz says the US economy is doing better than expected, which could work against Bitcoin.
“…A stronger economy is not great for Bitcoin. You want a weaker economy. And then so they are cutting rates and say, ‘Oh, oh no.’ And like in some ways, you want the government to behave really badly.”
Bitcoin is trading at $118,818, down from an all-time high of around $124,200 reached on Wednesday.
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