Mike Novogratz says that Bitcoin should reach a low point at around $ 40,000, sees an enormous demand from institutional investors -

Mike Novogratz says that Bitcoin should reach a low point at around $ 40,000, sees an enormous demand from institutional investors -

Mike Novogratz, CEO from Galaxy Digital, expects the Bitcoin price to be around $ 38,000 to 40,000. "I know big institutions that go through their process to fill positions. You will see this as an attractive level for sale," he said.

Mike Novogratz on the future prospects of the cryptom market

The CEO of Galaxy Digital, Mike Novogratz, spoke in an interview with CNBC last week about the prospects for the cryptocurrency market. He was asked about the falling prices of cryptocurrencies, especially Bitcoin.

"Part of the Bitcoin story was the devaluation of the Fiat currency, and since the Fed tries to become more aggressive, some gets from it," he said.

"Crypto had a monster year last year. It is difficult to imagine that they will grow nonstop into the sky. This is a pullback," he emphasized and added:

We see an enormous institutional demand on the edge. I am not nervous in the medium term.

Nevertheless, Novograms warn: "We will have a great volatility in the next few weeks."

Novogramm was also asked whether he believes that there is a lower limit of $ 38,000 for Bitcoin after saying: "You will find a lot of support for Bitcoin" at $ 38,000 up to $ 42,000. The Galaxy Digital manager answered:

I know big institutions that go through their process to fill positions. You will see them as attractive levels for purchase.

"In the charts, $ 38,000, $ 40,000 feel as if we were to reach the low point," he emphasized. On Friday Novogratz tweeted: "We entered the purchase zone ..."

The Bitcoin price fell by more than 12% last week. At the time of the letter, the price of btc is $ 41.955.1

This was not the first time that Novogratz said that institutional investors see the falling price of Bitcoin as a purchase opportunity. He made a similar statement in June when the price of btc fell under the brand of 30,000 USD.

In September he said that the crypto market was despite falling cryptocurrencies. "The ecosystem is so much more mature. The number of players who move in is much more mature," he says explains . "Every single bank works on its own crypto project how Bitcoin can bring to its wealthy customers."

Do you agree to Mike Novogratz? Let us know in the comment area below.

Kevin Helms

Kevin, a student of Austrian economics, found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects and the interface between economy and cryptography.


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