Since the beginning of the month, the value of one bitcoin has risen. There were some encouraging signs during the first week of October for it to do a parabolic move.
Some of the most popular cryptocurrencies in the marketplace began to rise for the first time in weeks. Hitting $56K, Bitcoin reached a new four-month high on Friday. CEO of Galaxy Digital Mike Novogratz shared the bulls’ expectations for new all-time highs before the year is over.
? New Investors Are Keeping the Market Afloat
“Squawk Box” guest billionaire Mike Novogratz talked about the crypto industry. According to Novogratz, the increasing value of bitcoin and ethereum is because of the new investors. Since the bull market initially kicked into high gear at the beginning of 2021, new investor excitement has been on the rise. A new wave of newcomers into the crypto market has been set off by recent developments in the sector.
Novogratz estimates the Global crypto wealth to be 0.5%. This is very modest in comparison to traditional financial platforms like stock exchanges and bond markets. The crypto market is still in its development. Because of this, this high proportion is all the more impressive given the immaturity of the market. According to the billionaire, as more investors pour money into the cryptocurrency market, the ratio will grow much above 0.5 percent.
The billionaire explained that new money entering the market is keeping prices stable. “It’s holding because new money is coming in.” In the first half of the year, $17 billion was invested in new venture capital. Both skill and money have poured into the market.”
? Will There Be a Bitcoin Parabolic Move?
Galaxy Digital, Novogratz’s blockchain and cryptocurrency investment firm, is a well-known player in the market. As a result, the billionaire has always been optimistic about the crypto market, especially bitcoin doing a parabolic move, and has made his bullish view known. During the interview, the CEO stated that he expected the crypto market to reach new highs in the fourth quarter of the year.
“Without sounding like the bullish guy that I am often accused of being, I literally see a situation where we take out the Bitcoin highs. We will have one of these parabolic moves in all the crypto moving into the fourth quarter.”
As an example, Novogratz used the analogy of a racehorse to convey his forecast. He compared the crypto market’s movement to the “horse that turns the corner at the end”. It wins the race at the end. He repeated his strong outlook for the fourth quarter. “Everybody piles on and raises the valuations on assets that are ahead in the fourth quarter, so they normally do well in the last quarter.”