Galaxy Digital CEO Mike Novogratz expects the quotation of bitcoin to bottom at around $38K-$40K. “I know big institutions who are going through their process to put positions on. They’re wealthy to see those as attractive levels to buy,” he said.
Mike Novogratz on Future Outlook of Crypto Market
The CEO of Galaxy Digital, Mike Novogratz, talked beside the outlook for the cryptocurrency market in an interview with CNBC last week. He was asked about the falling prices of cryptocurrencies, specially bitcoin.
“Part of the bitcoin story was the debasement of fiat currency and as the Fed looks to get more hawkish, some of that get off,” he explained.
“Crypto had a monster year last year. It’s hard to think you’re going to grow to the sky nonstop. This is a pullback,” he forced, adding:
We see a tremendous amount of institutional demand on the sidelines. I’m not nervous in the medium-term.
Nonetheless, Novogratz cautioned, “We are going to keep a lot of volatility in the next few weeks.”
Novogratz was also asked if he thought there was a floor at $38,000 for bitcoin after he answered, “you will find a lot of support for bitcoin” around $38K to $42K. The Galaxy Digital executive replied:
I know big organizations who are going through their process to put positions on. They’re going to see those as attractive levels to buy.
“On the charts, $38,000, $40,000 appear like where we should bottom,” he emphasized. On Friday, Novogratz tweeted, “We entered the buy zone…”
The price of bitcoin hew down more than 12% over the past week. At the time of writing, the price of BTC is $41,955.39.
This was not the first time Novogratz conveyed institutional investors see bitcoin’s declining price as an opportunity to buy. He made a similar statement in June when the price of BTC prostrate below the $30K level.
In September, he said that the crypto market was in good shape despite the falling tolls of cryptocurrencies. “The ecosystem is so much more mature. The amount of players that are moving in are so much more mature,” he clarified. “Every single bank is working on their own crypto project, how they can get bitcoin to their wealthy clients.”
Do you agree with Mike Novogratz? Let us know in the comments section below.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational have in minds only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not supply investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or supposed to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.