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Michael Novogratz, the CEO of cryptocurrency focused merchant bank Galaxy Digital LP (GLXY), has predicted that the bottom is finally in for the cryptocurrencies after over 8 months of a bear market.

In a recent tweet, Novogratz posted a snapshot of the Bloomberg Galaxy Crypto Index (BGCI), a 10-constituent cryptocurrency index that includes Bitcoin, Ethereum, Monero, Ripple and Zcash. Novogratz notes that the value of the index has recently completed a full retrace of last year’s breakout, an indicator commonly used by investors to predict potential reversals.

Novogratz is largely considered one of the premier thought leaders in all of crypto and Galaxy Digital was notably listed on Canada’s TSX Venture Exchange last month. Since going public Galaxy Digital’s share price has increased by 11% after an initial period of turbulence.

Beyond the Galaxy Index, the larger cryptocurrency market has posted significant gains over the past 24 hours. The AltDex 100 Index (ALT100), a benchmark index for large-cap cryptocurrencies and tokens that includes 100 constituents, is currently up 4.7% over the last 24 hours.

Similar: Shares of Novogratz’s Crypto Bank Galaxy Digital Recover After Dropping 20% on Trading Debut

Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.