Bitcoin will bottom around $38,000, says Mike Novogratz
Bitcoin has lost more than 5% of its value over the last 24 hours, and Mike Novogratz believes it will drop even lower.
Mike Novogratz, the CEO of Galaxy Digital, predicted earlier today that Bitcoin's price would drop towards the $38,000 mark. According to Novogratz, Bitcoin will bottom out around that region.
The Galaxy Digital boss said this during an interview with CNBC Squawk Box earlier today. He said;
"I know big institutions who are going through their process to put positions on, and so I think they're gonna see those as attractive levels to buy. On the charts, $38 [thousand], $40 [thousand] feels like where we should bottom."
The leading cryptocurrency is down by more than 30% from the all-time high of $69k it achieved in November. Over the past 24 hours, Bitcoin has lost more than 5% of its value and is trading above $43k per coin.
Bitcoin has been struggling below the $50k region over the past few weeks and could be set for further losses if Novogratz's prediction comes to pass. He added that;
"All of us, every single investor out there, has to have some part of their head that says, "Are we going into a paradigm shift, right?" We've had this philosophy that the Fed's gonna keep rates low forever, and even now, they're going to raise rates to 2% over two years gradually and continue to buy Treasuries for a while. So we're in this liquidity bubble."
The cryptocurrency market has been underperforming over the past few weeks. The total cryptocurrency market cap has dropped from the $3 trillion all-time high in November to currently stand above $2 trillion.
The other leading altcoins, including Ether, Binance, Cardano, Solana, LUNA and others, have lost more than 5% of their values over the past week.