Mike Novogratz Says Bitcoin should Bottom Around $40K as it Sees ‘Tremendous’ Demand from Institutional Investors

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Key Takeaways:

  • Mike Novogratz says bitcoin should bottom around $40K as it sees ‘tremendous’ demand From institutional investors.
  • Bitcoin’s price has plummeted after reaching an all-time high of $69k. While we witnessed a 56% correction the prior time, we’ve only seen a 41% correction this time.
  • The charts indicate that $40k is strong support for BTC.
Mike Novogratz Says Bitcoin Should Bottom Around $40K As It Sees ‘Tremendous’ Demand From Institutional Investors
Mike Novogratz Says Bitcoin should Bottom Around $40K as it Sees ‘Tremendous’ Demand from Institutional Investors

In an interview with CNBC last week, Mike Novogratz, the CEO of Galaxy Digital, discussed the cryptocurrency market’s prospects. He was questioned on the declining prices of cryptocurrencies, particularly bitcoin.

Mike Novogratz predicts a $40K bottom for bitcoin, citing ‘tremendous’ demand from institutional investors. Mike Novogratz, CEO of Galaxy Digital, believes bitcoin will bottom out at roughly $38,000-$40,000.  “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 Crypto Market’s Future Prospects In an interview with CNBC last week, Mike Novogratz, the CEO of Galaxy Digital, discussed the cryptocurrency market’s prospects. He was questioned about the cryptocurrencies’, particularly bitcoin’s, decreasing prices.

“Part of the bitcoin story was fiat currency debasement, and as the Fed becomes more hawkish, part of that falls off,” he noted. “Last year, Crypto had a phenomenal year. It’s difficult to believe you’ll continue to grow indefinitely. “This is a reversal,” he outlined.

Bitcoin’s value has dropped by more than 12% in the past week. BTC is worth $41,955.39 at the time of writing.

Novogratz has previously stated that institutional traders perceive bitcoin’s dropping value as an opportunity to buy. In June, when the value of BTC plummeted below $30K, he made the same claim.

On the sidelines, we’re seeing a lot of institutional demand. In the medium term, I’m not concerned. “We’re going to have a lot of volatility in the coming few weeks,” Novogratz predicted. After saying, “you will find a lot of support for bitcoin” around $38K to $42K, Novogratz was asked if he thought there was a floor at $38,000 for bitcoin. Galaxy Digital’s executive responded, ” I am aware of large institutions that are in the process of filling slots. They’ll perceive them as interesting levels to invest in. “On the charts, $38,000 to $40,000 feels like the bottom,” he stated emphatically. “We entered the buy zone…” Novogratz tweeted on Friday.

 Knowing the fact that cryptocurrency is incredibly volatile, resulting in massive price swings. However, in the market, things appear to be much better than they were at the start of 2021 or even earlier. Banks and institutions are increasingly using the technology. The market, on the other hand, is gradually maturing. There is also a lot of technological innovation in this field, demonstrating that cryptocurrencies are in high demand and have a promising future.
Despite the plummeting prices of cryptocurrencies, he stated in September that the crypto market remained in good shape “The ecosystem is a lot extra mature. The quantity of gamers which are shifting in are a lot extra mature,” he explained. “Each single financial institution is engaged on their own crypto venture, how they’ll get bitcoin to their rich purchasers.”

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Aadrika Sharma

I enjoy writing and try to learn new things every passing day!