Galaxy Digital boss Mike Novogratz: Bitcoin price would find support at $38,000

In a recent interview, Galaxy Digital CEO Mike Novogratz has predicted that Bitcoin price will find support at $38,000.

Mike Novogratz is not nervous about the recent Bitcoin price correction

Novogratz believes this is just a healthy pullback after the crypto market recorded a huge spike in 2021. Although his net worth has dropped significantly, the billionaire says he is not worried about the performance of the top cryptocurrency in the medium term due to strong institutional demand.

“We see a tremendous amount of institutional demand on the sidelines”, he stated.

The Galaxy Digital CEO is expected to see more volatility in the coming weeks. Previously, Novogratz said that he would be bearish on Bitcoin in the near term due to the weakness of the stock market, but he also stated that the largest cryptocurrency is unlikely to drop below $40,000.

Bitcoin and stocks were mixed on Thursday for several minutes as the Federal Reserve delivered an unexpectedly hawkish tone. Multiple U.S. rate hikes are currently underway this year to combat out-of-control inflation.

The bearish narrative was also reinforced by protests in Kazakhstan, a major Bitcoin mining hub, which resulted in a significant drop in the Bitcoin network hashrate.

Fundstrat’s Mark Newton recently forecast that Bitcoin could test its lows in September 2021 after falling below the $45,600 support.

Meanwhile, Bitcoin investor sentiment recently hit unprecedented levels of bearishness. The popular crypto “Fear and Greed” indicator, which is updated daily, is now flashing “extreme fear” on four different time frames as noted by cryptocurrency analyst Alex Kruger.


Source: Alex Krüger

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