Galaxy Digital CEO Mike Novogratz says that Bitcoin (BTC) isn’t done tumbling yet.
As reported by Bloomberg, Novogratz tells NBC in a new interview that he foresees Bitcoin bottoming out at around the $38,000 to $40,000 price level.
The Galaxy Digital CEO is walking back his comments from last week when he said the top crypto by market cap could hold the $42,000 mark.
Novogratz says that he’s going to wait a bit longer before buying more cryptocurrencies, adding that blue-chip investors are waiting in the wings for their opportunity to get in.
“[There is a] tremendous amount of institutional demand on the sidelines.”
The business tycoon and long-time crypto bull then says that a key part of BTC’s bull run in 2021 was the devaluation of fiat currencies around the world.
The U.S. Federal Reserve recently announced it would be tapering its purchasing of bonds while raising interest rates, which is a contributing factor to Bitcoin’s crash, according to Novogratz.
Popular crypto analyst Michaël van de Poppe has a similar prediction as he tells his 550,000 Twitter subscribers that Bitcoin’s crucial support level sits at $41,000.
“Lost the support at $46,000, but sustained above the crucial threshold at $41,000.
As long as that holds, we’ll be fine for Bitcoin.
Simplicity; more and more people are turning bearish which usually happens the closer we’ll get to a bottom.
Just like bullishness grows upwards.”
BTC is currently trading at $43,019, a 15.5% decrease from its 30-day high of $50,840.
Follow us on X, Facebook and TelegramDon't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Jamo Images
