Mike Novogratz – the CEO of Galaxy Digital – opined that China’s less hostile stance on the crypto industry could be one reason behind bitcoin’s possible price increase in the next several months.

The Hong Kong subsidiaries of some leading Chinese banks have recently offered their services to local cryptocurrency businesses. 

Novogratz’s Bullish Forecast

The American investor believes certain factors could trigger a further price rally for the cryptocurrency market. For one, he argued that “all the selling that needed to get done was done.”

Recall that the countless adverse events in the sector last year, including the Terra crash, the 3AC bankruptcy, and the FTX meltdown, hampered investor interest and caused many people to part with their holdings. 

Another bullish indicator could be the positive winds coming from China. Beijing has recently given its green light on the crypto developments happening in Hong Kong, while the Bank of China, the Bank of Communications, and the Shanghai Pudong Development Bank have already started offering their services to domestic digital asset entities.