Billionaire Mike Novogratz Predicts Next Crypto Bull Run Begins in Q4
Next Crypto Bull Run Begins in Q4
Appearing in a panel discussion titled 'Lessons Learned While Riding Crypto's Rollercoaster,' at the Consensus 2022 conference event in US Austin, Mike Novogratz stated that "Bitcoin and crypto won't trade well until the Fed flinches and takes its foot off the break.”
The former hedge fund manager sees the U.S. economy slowing enough by the fourth quarter, forcing the Fed to take its foot off the rate-hike accelerator. This is the time the crypto bear market will start to turn around, according to him.
“My hope is that by the fourth quarter, the economy will be slowing enough that the Fed says we are going to pause, and then you will see the next crypto cycle start. Then Bitcoin will break from equities and lead markets,” he said.
Along with the next crypto bull cycle, the CEO also predicted that the U.S. inflation rates are going to drop to 5%.
Cautioning Investors to Not be Greedy
Novogratz also urged investors to “fight the impulse to be so greedy” to successfully navigate the next bull market.
According to him, investors who bought Luna at the right time saw returns of up to 300 times their initial investment, and that is an unrealistic expectation given the current state of the market.
"When ecosystems go real fast, there’s a reason for it. Know what you are investing in. You don't get 18% for free," he added.