Last week, Mike Novogratz surprised more than a few market participants by telling CNBC's Fast Money that he was bringing forward the launch date of his crypto hedge fund; today he killed those plans.

On December 12th, Novogratz said he thinks bitcoin could hit $40,000 in 2-3 months. The Galaxy Fund was supposed to launch of December 15th.

Today, Novogratz has shelved plans to launch his fund, warning that:

"We didn’t like market conditions and we wanted to re-evaluate what we’re doing...I look pretty smart pressing the pause button right now."

image courtesy of CoinTelegraph

Novogratz tweeted...

Looks to me like a short term top is in. My hunch is we consolidate between 10-16k for a while. Extreme would be 8k. Bull market isn’t over. Just pausing. — Michael Novogratz (@novogratz) December 22, 2017

Adding that...

When insiders sell it always is important. @SatoshiLite — Michael Novogratz (@novogratz) December 22, 2017

Warning traders that Bitcoin may drop as low as $8,000 in the near-term... but the bull market isn't over.

Bitcoin prices are higher since his announcement...