“You had a confluence of events … where you started breaking down the positivity in the price action, and now we’ve got a liquidation event,” Novogratz told CNBC. “It’s not going to bounce right back. It’ll consolidate for a while.”
Novogratz said the fall seems like capitulation, where people are selling off their holdings during a market decline so they don’t lose too much of their gains, CNBC reported.
“Humpty Dumpty never gets put back together in two days … when he cracks,” Novogratz told CNBC. It’s going to take a while. The market will consolidate. It will find a bottom somewhere. I’m hoping it’s close to here,” Novogratz said.