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Mike Novogratz, CEO of Galaxy Digital, predicts that the price of Bitcoin will bottom out at around US$38,000 to US$40,000. “I know that large institutions are setting up positions through their processes. They see these as attractive buying levels,” he said.
Mike Novogratz on the future outlook of the crypto market
Mike Novogratz, CEO of Galaxy Digital, spoke about the prospects of the cryptocurrency market in an interview with CNBC last week. He was asked about the falling prices of cryptocurrencies, especially Bitcoin.
He explained: “Part of the Bitcoin story is the devaluation of fiat currencies, and some of this is over as the Fed looks more hawkish.”
“Cryptocurrency was a monster year last year. It is hard to imagine that you will continue to grow into the sky. This is a callback,” he emphasized, adding:
We see a lot of institutional demand off the field. I am not nervous in the mid-term.
Nonetheless, Novogratz warned, “We will face great volatility in the coming weeks.”
Novogratz was also asked if he thinks the base price of Bitcoin is $38,000, because he said “you will find that Bitcoin has a lot of support”, which is between $38,000 and $42,000. Galaxy Digital executives responded:
I know that large organizations are setting up positions through their processes. They will see these as attractive purchase levels.
“On the chart, $38,000 and $40,000 seem to be where we should bottom out,” he emphasized. On Friday, Novogratz wrote on Twitter: “We have entered the buying zone…”
The price of Bitcoin has fallen by more than 12% in the past week.At the time of writing, the price is Bitcoin It was $41,955.39.
This is not the first time that Novogratz has stated that institutional investors see Bitcoin’s price drop as a buying opportunity.He issued a similar statement in June, when the price Bitcoin Fell below the $30,000 level.
In September, he said that the crypto market is In good condition Despite the fall in cryptocurrency prices. “The ecosystem is much more mature. The number of players transferred is much more mature,” he explain“Each bank is developing its own encryption project, how to provide Bitcoin to wealthy customers.”
Do you agree with Mike Novogratz? Please let us know in the comments section below.
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