Mike Novogratz, founder and CEO of Galaxy Digital, said Bitcoin (BTC) may be nearing the market bottom.
Novogratz said on Bloomberg TV that Bitcoin’s drop to around $76,000 reflects selling pressure at a breaking point, rather than a collapse in institutional interest.
While new financial institutions continue to enter the market, prices are still being set by incremental buyers and sellers, he says.
“I think we’re nearing the bottom…and, listen, there are some things that might help. Passage is going to be a big issue. People are really pessimistic about it right now. I’m actually a little more optimistic that things will get done, because I think both sides want it done.”
A second potential trigger is a change in expectations regarding monetary policy.
Novogratz blames recent market declines in part on concerns about hawkish policy stances, but argues those concerns may be overstated.
He expects policymakers to become more dovish given the current economic environment, which could support risk assets, including cryptocurrencies.
He also said that removing inflation tail risk is generally positive for the U.S. economy, even if it’s not immediately bullish for assets like Bitcoin, gold and silver.
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