Billionaire Mike Novogratz is predicting Ethereum (ETH) is near the bottom after its successful merge upgrade earlier this month.
“Ethereum has had a pretty big move down. We had the merge. The merge was an amazing accomplishment in lots of ways, right? It shows that a decentralized community can accomplish something that’s really complicated. And so I think we’ll look back on that as something really significant. You know, Ethereum had gone from $1,000 to $2,000. And so now you’ve had a real big pullback. It feels like $1,250 should be the bottom here and so I think you’re closer to the bottom than the top.”
Novogratz says the growing interest of institutions is going to keep the price of Bitcoin from falling dramatically.
“There’s a put in Bitcoin somewhere because you just see these institutions all getting engaged slowly. And so when I see this adoption when I see BlackRock doing a deal with Coinbase and their own fund… you just know people are coming to buy and so, you know, could Bitcoin go lower? Of course, it could but I don’t think there’s a catastrophic fall.”
Novogratz acknowledges there is a correlation between cryptocurrency prices and the U.S. Federal Reserve’s decision to raise interest rate hikes to draw down inflation. He says he would remain “neutral” on cryptocurrency prices until there is a shift in that strategy.
“You’d be more neutral here and you’d be waiting to see the Fed pivot. And then I think you are going to see a big, big rally in crypto.”
IDon't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
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 loses 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/NextMarsMedia