Galaxy Digital CEO Mike Novogratz expects the price of bitcoin to bottom at around $38K-$40K. “I know big institutions who are going through their process to put positions on. They’re going to see those as attractive levels to buy,” he said.
Mike Novogratz on the future outlook for the crypto market
Galaxy Digital CEO Mike Novogratz spoke about the outlook for the cryptocurrency market in an interview with CNBC last week. He was asked about the falling prices of cryptocurrencies, especially bitcoin.
“Part of the bitcoin story was the debasement of fiat currency and as the Fed looks to get more hawkish, some of that comes off,” he explained.
“Crypto had a monster last year. It’s hard to think you’re going to grow up to the sky all the time. It’s a setback,” he pointed out, 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 have a lot of volatility in the coming weeks.”
Novogratz was also asked if he thought there was a floor at $38,000 for bitcoin after he said, “you will find a lot of support for bitcoin” around $38K to $42K. The Galaxy Digital executive replied:
I know of large institutions that go through their process to take a stand. They will see them as attractive levels to buy.
“On the charts, $38,000, $40,000 feel like where we should bottom,” he emphasized. On Friday, Novogratz tweeted, “We entered the buy zone…”
The price of bitcoin has fallen 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 said institutional investors see bitcoin’s declining price as an opportunity to buy. He made a similar statement in June when the price of BTC fell below the $30K level.
In September, he said the crypto market is doing well despite falling cryptocurrency prices. “The ecosystem is so much more mature. The number of players who move in are so much more mature, ”he explained. “Each bank is working on their own crypto project, how they can pass bitcoin to their high net worth customers.”
