HomeBitcoin will comfortably stay above $42k per coin, says Mike Novogratz

Bitcoin will comfortably stay above $42k per coin, says Mike Novogratz

Hassan Maishera

The broader cryptocurrency market has been in a bearish trend since last month, with Bitcoin's price down by more than 20% during that period.

The leading cryptocurrency has been underperforming for the past few weeks. Bitcoin reached a new all-time high above $69,000 a month ago. However, it has performed poorly since then, losing more than 20% of its value during that period.

At press time, Bitcoin is struggling to stay above the $50k level and is currently trading around $49k per coin. However, Galaxy Digital CEO and cryptocurrency billionaire Mike Novogratz believes that the leading cryptocurrency will continue to trade above the $40,000 mark. He stated that;

"I think $42,000 should hold, that should be the bottom of this move. It would surprise me if it went below $40,000."

He also commented on the latest dip, stating that there are too many people participating in Bitcoin that it is hard for it to drop below the $40k level.

Novogratz is one of the most bullish proponents within the cryptocurrency space. He previously predicted that the total cryptocurrency market cap would reach $20 trillion over the coming years. The total market cap touched the $3 trillion mark last month after BTC and ETH rallied to a new all-time high.

However, it has since dropped below the $2.5 trillion mark. Despite the recent dip, market experts believe Bitcoin will touch the $100k level over the coming months. That would require it to surge by at least 100%.

It is becoming highly unlikely for Bitcoin to reach the $100k level before the end of the year. Ether and other altcoins are also underperforming at the moment. Ether is struggling to stay above the $4k level.

The dip could get bigger in the short term as the broader cryptocurrency market continues to underperform.

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