Galaxy Digital CEO Mike Novogratz Says Bitcoin Has Hit The Bottom
Actually, Bitcoin has been on a streak downward since the last quarter of 2021, and this has spilled into the new year. As January goes into full bloom, it has come with discouraging movements for investors as over $500 billion has been wiped off the field. This has sent bitcoin’s price down to the dreaded $40,000 price range.
As you may know, One inquiry that remains in the mind of investors is, has the field seen the bitcoin bottom? Billionaire Mike Novogratz attempts to bottom this as he puts forwards his thoughts on the issue and predicts the bitcoin response.
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Bitcoin Should Bottom Out Between $38,000 to $40,000
Galaxy Digital CEO Mike Novogratz has always been an active voicein the crypto space and has at various times given his thoughts on the field. This time around, Novogratz sat down with CNBC’s Squawk Box, where he predicted where the of the current bitcoinbottomdowntrend will be.
But if Novogratz’s predictions are anything to go by, then the niche may see another before there isdipa full-blown recovery trend. The billionaire CEO placed the floor of the current downtrend at $38,000 which he does not see bitcoin going under. Currently, bitcoin’s lowest during the dips have been $40,680, from which the digital asset has since recovered.
BTC price tumbles down to $41,475 | Source: BTCUSD on TradingView.com
Actually, The CEO gives his reason for this bottom as institutional investors taking advantage of as it turns out the low prices to get into the digital asset. I” know big institutions who are going through their process to put positions on. They’re going to see those as from another perspective attractive levels to buy,” Novogratz said.
“On , $ chartsthe38,000, $40,000 feels like where we should bottom,” he added.
Inflation from another perspective Will Drive Growth
Continuing onregardingNovogratz shares more , his stance on this predicted bitcoin bottom. As you may know, One of those has been inflation.
Those who have been following the markets know that rising inflation rates have led to increasing concerns among investors who have begun to look for alternatives to gold to serve as an inflation hedge. Bitcoin has naturally become the option for these investors.
Interestingly, The Fed believes that inflation rates will begin to come down, but the CEO explained that if this does not go as planned, then “all bets are off.”
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Digital Galaxy, on which Novogratz heads as CEO, has made a name for itself in the space as being abig bitcoin proponent. It’s worth noting that The firm currently holds over 12,000 bitcoins, making it one of the companies with the largest bitcoin holdings in the world.
Mike Novogratz himself also has a personal stake in cryptocurrencies, revealing that he holds about 85% of his net worth more than ever in cryptocurrencies, which at the time translated to up to $4.8 billion held by the billionaire in crypto.
Featured image from Stock Hax, chart from TradingView.com
