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.
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