Bitcoin has been on the rise with the start of the new month. The first week of October brought good news as the major cryptocurrencies in the market started to recover for the first time in weeks. Bitcoin hit a new 4-month high on Friday with its breakout above $ 56,000. The bulls set their sights on new all-time highs before the end of the year and Galaxy Digital CEO Mike Novogratz echoed the sentiment.
New investors support the market
Billionaire Mike Novogratz was on CNBC’s “Squawk Box” to talk about the crypto market. Novogratz said new investors are the reason bitcoin and ethereum prices have kept their high values. New investor enthusiasm has been on the rise since the bull market hit full swing in early 2021. But the recent turn of events in the crypto market has sparked a new wave of entrants into the space.
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Novogratz puts the current global crypto wealth percentage at 0.5%, only a small number compared to other financial markets. Nonetheless, an impressive percentage is given that the crypto market has not yet entered its teens. The billionaire expects the percentage to greatly exceed 0.5% as more investors move into the crypto space.
BTC price trading north of $54K | Source: BTCUSD on TradingView.com
Speaking of new investors entering the market and supporting prices, the billionaire had this to say; âHe’s holding on just because new money is coming. There was $ 17 billion in new venture capital invested in the first half of the year. It’s just a huge influx of talent and money.
Wait for a parabolic movement
Novogratz’s Galaxy Digital company is a well-known investor in the blockchain and cryptocurrency industry. In view of this, the billionaire has always been bullish on the crypto market and expressed his bullish stance. During his interview, the CEO revealed that he expects the crypto market to reach new all-time highs in the fourth quarter of the year.
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âNot to sound like the always bullish type that I’m sometimes accused of being, but I literally see a scenario where we are eliminating the highs in Bitcoin and we have one of these parabolic moves throughout crypto in the fourth trimester.”
Novogratz explained the reasoning behind his prediction using a racehorse analogy. He likened the movement of the crypto market to the âhorse that turns the corner at the endâ that ends up winning the race. Novogratz reiterated its bullish stance for the last quarter of the year. “Assets that are ahead in the fourth quarter generally have good finishes as everyone is piling up and pushing valuations higher.”
Chart from TradingView.com