Bitcoin market update: BTC/USD will resume the trip to the moon in several months - Michael Novogratz

The founder and CEO of Galaxy Digital Michael Novogratz is still a believer. He expects that Bitcoin will resume growth within several months.

"Realizing having tweeted about crypto in a while. It’s a grind. Don’t think we head north for at least a few more months. Always take longer for institutions to move. Very confident they will. Tons of activity under the hood. Stay the course,” he wrote in his Twitter account.

Large institutional investors demonstrate interest towards digital assets; however, the industry players are somewhat disappointed with the slow adoption progress. The launch of cryptocurrency trading platform Bakkt is delayed, while the applications for Bitcoin ETFs from VanEck and CBOE have not been approved by the SEC yet. The platform for cryptocurrency trading and custody services from Fidelity Digital Asset Services is on beta-testing stage.

However, many experts believe that progress on Bakkt or Fidelity will create a positive impulse and push the market out of the most extended bearish trend in Bitcoin’s history.

Meanwhile, BTC/USD is changing hands at $3,421. The coin managed to recover above $3,400 handle after a sharp sell-off during the previous week, but the upside momentum is too weak to hope for an extended recovery in the short-run. The nearest resistance is seen at psychological $3,500, closely followed by SMA100 (4-hour chart). Once it is cleared, the upside may be extended towards congestion area $3,585 and $3,600.

On the downside, a sustainable move below $3,400 will drag Bitcoin lower towards $3,341 (January 29 low) and to critical support at $3,300.

BTC/USD, 4-hour chart