Mike Novogratz: The altcoin market will collapse by another 70%

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The CEO of Galaxy Digital said that given the policy of the US Federal Reserve and the “bearish trend”, the market expects another significant drop in altcoins.

Mike Novogratz on his Twitter warnedthat altcoins could undergo significant devaluation and lose more than half of their value. According to the businessman, even the fact that their prices have already fallen significantly compared to their historical highs will not save altcoins from depreciation:

“Alternative cryptocurrencies have already fallen over 80% from their highs. In 2017, their fall from the maximum was more than 95%. We expect another 70% drop. I think it is dangerous to buy altcoins at the bottom, and if you do, gradually increase the volume of cryptocurrencies in the portfolio.

The billionaire gives gloomy forecasts for the entire financial market, suggesting that it is likely that crypto assets will decline in price for a long time:

“The problem with risk modeling is that all the examples of stress over the past three decades that have led to a minimum have occurred in the context of Federal Reserve policy easing. We are still in the early stages of the tightening cycle. This means less trust in traditional models and even intuition.”

Despite the “bearish trend” in the market, the billionaire remains optimistic and believes that the cryptocurrency markets will eventually recover.

Bloomberg Intelligence senior commodities strategist Mike McGlone said in April that bitcoin would be hit the hardest by the stock market plunge.

Source: Bits

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