Galaxy Digital CEO Mike Novogratz expects the price of bitcoin to backside at round $38K-$40K. “I know big institutions who are going through their process to put positions on. They’re going to see those as attractive levels to buy,” he mentioned.
Mike Novogratz on Future Outlook of Crypto Market
The CEO of Galaxy Digital, Mike Novogratz, talked concerning the outlook for the cryptocurrency market in an interview with CNBC final week. He was requested concerning the falling costs of cryptocurrencies, significantly bitcoin.
“Part of the bitcoin story was the debasement of fiat currency and as the Fed looks to get more hawkish, some of that comes off,” he defined.
“Crypto had a monster year last year. It’s hard to think you’re going to grow to the sky nonstop. This is a pullback,” he burdened, including:
We see an incredible quantity of institutional demand on the sidelines. I’m not nervous within the medium-term.
Nonetheless, Novogratz cautioned, “We are going to have a lot of volatility in the next few weeks.”
Novogratz was additionally requested if he thought there was a flooring at $38,000 for bitcoin after he mentioned, “you will find a lot of support for bitcoin” round $38K to $42K. The Galaxy Digital govt replied:
I do know massive establishments who’re going via their course of to place positions on. They’re going to see these as engaging ranges to purchase.
“On the charts, $38,000, $40,000 feel like where we should bottom,” he emphasised. On Friday, Novogratz tweeted, “We entered the buy zone…”
The price of bitcoin fell greater than 12% over the previous week. At the time of writing, the price of BTC is $41,955.39.
This was not the primary time Novogratz mentioned institutional buyers see bitcoin’s declining price as a chance to purchase. He made an analogous assertion in June when the price of BTC fell under the $30K degree.
In September, he mentioned that the crypto market was in good condition regardless of the falling costs of cryptocurrencies. “The ecosystem is so much more mature. The amount of players that are moving in are so much more mature,” he defined. “Every single bank is working on their own crypto project, how they can get bitcoin to their wealthy clients.”
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