Crypto entrepreneur and former hedge fund manager Mike Novogratz just called a bottom in the Bitcoin and cryptocurrency markets.
Novogratz tweeted an image of the Bloomberg Galaxy Crypto Index, which gauges the ups and downs of the biggest cryptocurrencies traded in US dollars, with the hashtag #callingabottom.
This is the BGCI chart…I think we put in a low yesterday. 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. #callingabottom pic.twitter.com/EasTBYgjSj
— Michael Novogratz (@novogratz) September 13, 2018
Novogratz runs Galaxy Digital, which invests directly in crypto businesses, from ICOs to infrastructure platforms to wallets and custody solutions.
Cryptocurrencies across the board are up on Thursday, at time of publishing.
Bitcoin is up more than 2%, at $6,488. Most altcoins are seeing big gains, including Ethereum, which is up 13% at $205 after bouncing off a precipitous drop earlier in the week.
The total market cap of all cryptocurrencies has returned to about $200 billion, after hitting a low of $186 billion on Wednesday.