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Galaxy Digital CEO Mike Novogratz expects the price of bitcoin to bottom out around $38,000 to $40,000. “I know the big institutions are going through their process to set up positions. They’re going to see these as attractive levels of buying,” he said.
Mike Novogratz on the future 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 price of cryptocurrencies, especially Bitcoin.
“Part of the Bitcoin story is the devaluation of fiat currencies, and as the Fed looks more hawkish, some of that goes away,” he explained.
“Crypto has had a really bad year last year. It’s hard to imagine you’re going to keep growing to the sky. It’s a pullback,” he emphasized, adding:
We see a lot of institutional demand on the sidelines. I’m not nervous in the middle.
Nonetheless, Novogratz warned that “we will face a lot of volatility in the coming weeks.”
Novogratz was also asked if he thinks Bitcoin has a floor price of $38,000, since he said “you’ll find a lot of support for Bitcoin” somewhere between $38,000 and $42,000. Galaxy Digital executives replied:
I know large agencies are going through their process to set up positions. They will see these as attractive buying levels.
“On the charts, $38,000, $40,000 feels like where we should be bottoming,” he stressed. On Friday, Novogratz tweeted: “We’re in the buy zone…”
Bitcoin prices have fallen more than 12% in the past week.At the time of writing, the price bitcoin is $41,955.39.
This isn’t the first time Novogratz has said that institutional investors see falling bitcoin prices as a buying opportunity.He made a similar statement in June, when bitcoin It 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 coming in is much more mature,” he said. explain. “Each bank is working on its own crypto project, how they can deliver bitcoin to wealthy clients.”
Do you agree with Mike Novogratz? Let us know in the comments section below.
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