Mike Novogratz, the founder and CEO of cryptocurrency investment firm Galaxy Digital Capital Management, believes prices for virtual currencies like bitcoin, ether, and Monero have bottomed out and are poised to rebound soon.
Novogratz made the prediction on Twitter, where he pointed to activity on the Bloomberg Galaxy Crypto Index (BGCI), which measures the performance of the largest cryptocurrencies traded in U.S. dollars.
Novogratz said it appears the market hit a bottom on September 12, saying the chart patterns look similar to what happened right before there was a rally in late-2017.
Mike Novogratz Sees Big Year-End Rally Ahead
“I think we put in a low yesterday,” Novogratz tweeted on September 13. “Retouched the highs of late last year and the point of acceleration that led to the massive rally/bubble… markets like to retrace to the breakout..we retraced the whole of the bubble.”