"Cryptocurrencies Has Reached the Bottom, Rally is Imminent"

in trading •  9 months ago

Mike Novogratz, former Wall Street guru who became a crypto fund manager, recently shared his thoughts on the prospects of the crypto market via Twitter. The message was accompanied by a picture (see below) detailing Bloomberg's "Galaxy Crypto Index," BGCI for short, and his performance last year.

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Mike Novogratz, CEO of Galaxy Digital Capital Management, together with Bloomberg, created a USD-based index in May tracking the performance of crypto assets such as Bitcoin, Ethereum, Monero, XRP, Litecoin, and ZCash. He explained the picture posted on Twitter as saying, "This is the BGCI diagram," and he also stated that cryptocurrencies "reached a low yesterday."

He pointed out that the market has now reached the level before the bull run in 2017. And that's a good sign, because as soon as the previous ground has been reached after a rally, the story - in the crypto-currency market and in the stock market - is repeated, says Novogratz. For him, it is clear that the bear will run out of juice soon and the cops will soon be involved again.

However, it should be noted at this point that the history is not a guarantee for the future and is not always repeated, although this was often the case with cryptocurrencies.

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Yes, bull is at the door. Just couple of good news and bull will start running.


Yup 🤞

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Totally agree with u :)

all crypto currencies are at its bottom i hope waiting for approval of ETF approval and today is expiry for bitcoin future contract as well so these 2 factors are more likely can create a bullish trend and can create a trend reversal..


Yup, agree.

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Thus, we wait....

Hopefully crypto will repeat the history and we will have a bull run in December. Now investors are looking towards bitcoin ETF.


we shouldnt rely much on ETF. we dont know how much ETF can help on the bull run.

It seems to me that while this a good time to start stacking them up again, another rally is probably not imminent. Why? There still a lot of Mt. Gox bitcoins to unload. It may take 6-18 months before we spike again.


This is very correct.

i hope so....

Well, the experts know their stuff. But I have taken a look at stocks and commodities trading charts and I think it will linger for a while. The market will not just bounce off at once back to its ATH. We could see a few more months of sideways consolidation before any serious upwards price action. Sure, this is a different market and space, but it has the same players on it.

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Coins mentioned in post:

CoinPrice (USD)📉 24h📈 7d

WE are 70 percent down from a all time high and steem is almost 700 % down, this month is crucial.


Yes, and now we want the bulls back

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Steem is more down than us . Hope so this crutial time will end soon and rise will be coming soon.

Its nice to hear from the experts, that means the wait for the upshoot of the price of cryptos might not be too far

I'm always bullish, and hodling tight!

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@tradewonk Only several uplifting news and bull will begin running. Ideally crypto will rehash the history and we will have a bull keep running in December. Presently speculators are looking towards bitcoin.

Hope bull is around and nit the bear.

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@tradewonk, May be really prices felled very low, but still there is hope that it will going to boost. And in my opinion the Crypto Economy is in Evolution phase.

And in future when we will going to see the Institutional Investors, then we can see the stability in prices and inturn we can see the growth too. Stay blessed. 🙂

Confident in this analysis dude! Thanks for sharing :)

I think you are right. And XRP will lead the way;)

Indeed history is no guarantee. I would say things could go further down and the bubbles could even end here. What do you think? Is there not only the slightest chance on such a scenario?

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I have waiting for that rally since long. My patience has been tested a lot and now I am getting impatient. It has become drought in crypto sphere. A rally is really really imminent at this point of time.

Good times are coming :)


after so long...

I like the call. I’ve talked about longing bitcoin myself on the blog.

I’ve given you a follow. Keep up the good work.

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after so long waiting, and soon the time has come

Once the SEC's buddies fill their pockets, they will come out with their trading platforms and sell to the one's they drove out of the market by suppressing the market with their doom and gloom press. IMHO of course. :)