welcome back everybody to altcoin daily let's talk about the worst possible scenario in
cryptocurrency right now why altcoins are at risk of another 70 decline according to bitcoin bull
mike novogratz then i want to talk about three potential catalysts three things that we need
to see that could trigger bitcoin's next bull run according to crypto hedge fund ceo suzu so much is
going on in cryptocurrency in today's video i want to clue you in to everything poster boy of wall
street turned crypto bitcoin billionaire bitcoin bull michael novogratz warns crypto traders
saying altcoins are at risk of another 70 decline galaxy digital ceo and bitcoin bull mike novogratz
is issuing a warning to crypto traders saying altcoins could still see massive devaluations
novogratz tells his almost half a million twitter followers that altcoins are still at risk of
losing more than half their value even if they are already down big from their all-time highs quote
alts are down over 80 percent from highs in 2017 it was over 95 percent that is another 70 percent
my point is picking bottoms is dangerous and if you do scale in slowly the billionaire also gives
a gloomy outlook for the whole financial market suggesting that crypto assets are likely headed
to lower prices quote quote one issue with risk modeling is that all the examples of stress in
the past three decades which leads to bottoms happen in an environment of fed easing we are
still early in tightening cycle means confidence in models and even intuition has to be lower
despite all of this realism mike novogratz still a bitcoin bull saying that although the macro
backdrop looks bearish he remains optimistic that the crypto markets will eventually recover
crypto is not going away the amount of human capital moving into the space isn't slowing down
the focus on building decentralized infrastructure that allows value and ownership to flow as freely
as information on the internet isn't slowing down the gdp of the metaverse is headed one way
our community is resilient has shared belief in a new way of doing things and the assurance that
this is very early innings so mike novogratz is still long-term bullish why is he warning traders
of another 70 decline why is he so bearish in the short term i have two thoughts on
this number one what he is saying is completely true and it will happen to many altcoin projects
as you know all altcoins are not created equal there are some altcoins better than
others and certainly some that pumped too hard or don't have as many fundamentals that could
decline another 70 percent despite the fact that we've already seen a 70 to 80 percent decline
my other thought as to why mike novogratz is being so vocal about warning people and his bearishness
is if you follow the market like we do you know he recently got caught with his foot in his mouth you
could say because he was a huge terrible he was a huge lunatic and obviously tara luna and ust
collapsed and he was kind of you know one of the poster boys for this and obviously now he's coming
back to the market saying hey there's a lot of risk be aware of the risk i actually really liked
what suzu said the ceo of crypto hedge fund three aero capital he lists three potential catalysts
for bitcoin's next rally look out for these three things suzu the ceo of crypto hedge fund three
era capital says that he sees three potential catalysts that could trigger a new bitcoin bull
run now before he named the three catalysts he first notes why he believes bitcoin is entering
an accumulation range and suggests that the downtrend doesn't have to go on much further
so these are the reasons why he believes we're in an accumulation range and why we are at bottom or
close to bottom few different things one according to suzu bitcoin has had seven red weeks in a row
the most in its entire history indicating seller exhaustion second the huge trading volume during
the collapse of terra and ust which could signal capitulation and the beginning of
a trend change the third sign that bitcoin is in reaccumulation it's that bitcoin is showing
unusual strength against equity markets during overnight hours over the last week the s p 500
is down four point five percent while bitcoin is up one percent bitcoin showing surprising strength
when all markets are tanking the fourth signal catching suzu's attention is the mere multiple
an indicator that gauges the current price of bitcoin against its 200-day moving average
to determine whether bitcoin is overbought or oversold he points out that the mere multiple is
hovering at historic lows suggesting that bitcoin is undervalued suzu also notes how bitcoin is
trading at a premium during the asia session so bitcoin is trading at a premium when the asian
markets are up and in crypto suzu also pointed out some secondary signs that were in accumulation
closer to the bottom slash at a trend change the secondary signs are as follows 7k bitcoin
inflows into canada etf on day of the low miscalculated tetherfud is back at the forefront
bitfinex longs well through all-time highs and then people starting to short bitcoin to hedge
private sales so these are just some secondary signs now let's talk about the three possible
catalysts that could trigger the next bull market a list amount and explain them number one
el salvador conference of 44 central banks number two opec opec countries to use bitcoin and crypto
and international payments and three commodity nation sovereign wealth to conduct thesis-driven
allocations crypto so suzu's first catalyst refers to the meeting held in el salvador very recently
among authorities from 44 different countries discussing bitcoin the second catalyst refers to
the possibility of the organization of petroleum exporting countries opec accepting crypto payments
for oil purchases this would be big and the third trigger slash catalyst refers to the possibility
of sovereign wealth funds from commodity central countries allocating funds into bitcoin any of
these could trigger the next bull run an etf in america i think would trigger the next bull
run i think both of these experts analysis are true there are going to be altcoins that
decline another 70 percent even many good altcoins possibly declining another 30 40 50 60 70 percent
that will bounce back up mike novogratz is being overly cautious because he just got stuck with
his foot in his mouth i agree with suzu about all the reasons why we're in an accumulation phase why
we possibly already bottomed or we are very close to the bottom and his list of three potential
catalysts i'm also adding a potential bitcoin etf in america and more than that there's just so
many reasons to be long-term bullish look at this look at this this chart is going back all the way
to august 2021 obviously the trend line goes back much farther and it's been a lot less
but we're at an all-time high right now proof bitcoin whales are buying number of addresses with
a balance of over ten thousand dollars never been higher people are buying the dip yes there was
this initial sell-off but look it's bouncing right back up number two just thinking about ethereum
the d5 the web 3 space compared to old school tech like silicon valley web 3 companies
are generally offering engineers more money more equity slash upside from what i've seen
and you don't think crypto is eating the world show me the incentives and i'll show
you the outcome and more people than ever are getting into cryptocurrency the good and the bad
pharrell williams web 3 is scaring the system at v con the musician described how he sees blockchain
tech changing the world for the better and martin shkreli i started using uniswap in prison fresh
from a stint in prison for securities fraud pharma bro martin shkreli has shared some of his thoughts
on bitcoin d5 web 3 with the cryptocurrency community hey if web 3 if crypto is permissionless
that means the good guys and the bad guys are going to use it this is why i'm bullish on crypto
this is why i'm still involved in crypto let me know which cryptocurrencies you're buying which
cryptocurrency you're selling in the comments below my name is aaron see you tomorrow friends