Galaxy Digital CEO Mike Novogratz Says Bitcoin Has Hit The Bottom

Share This Post

Bitcoin has been on a downward streak 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 market. This has sent bitcoin’s price down to the dreaded $40,000 price range.

One question that remains in the mind of investors is, has the market seen the bitcoin bottom? Billionaire Mike Novogratz attempts to answer this as he puts forwards his thoughts on the issue and predicts the bitcoin bottom.

Related Reading | TA: Bitcoin Key Indicators Suggest A Strengthening Case For More Downsides

Bitcoin Should Bottom Out Between $38,000 to $40,000

Galaxy Digital CEO Mike Novogratz has always been an active voice in the crypto space and has at various times given his thoughts on the market. This time around, Novogratz sat down with CNBC’s Squawk Box, where he predicted where the bottom of the current bitcoin downtrend will be.

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. But if Novogratz’s predictions are anything to go by, then the market may see another dip before there is a full-blown recovery trend.

BTC price tumbles down to $41,475 | Source: BTCUSD on

The CEO gives his reason for this bottom as institutional investors taking advantage of 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 attractive levels to buy,”  Novogratz said.

“On the charts, $38,000, $40,000 feels like where we should bottom,” he added.

Inflation Will Drive Growth

Continuing on, Novogratz shares more regarding his stance on this predicted bitcoin bottom. 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.

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.”

Related Reading | Melania Trump Congratulates Bitcoin On 13th Anniversary Of Bitcoin Genesis Block

Digital Galaxy, on which Novogratz heads as CEO, has made a name for itself in the space as being a big bitcoin proponent. The company 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 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

Read Entire Article

Related Posts

Crypto Sector Secures $317M in Venture Capital Deals in Early June

With the first half of June concluded, there have been 37 venture capital deals and fundraising events in the crypto sector Collectively, these investments totaled $31787 million, with Avail, a

Ripple Gets Big Break: SEC Lowers Settlement Demand To $103 Million

A glimmer of hope emerged for Ripple Labs this week in their ongoing legal battle with the SEC The Securities and Exchange Commission slashed its proposed settlement amount from a staggering $2

The State of Crypto Merchant Adoption in 2024

Merchants are increasingly adopting cryptocurrencies like bitcoin and ethereum, reflecting a growing trend towards digital currency payments as a viable alternative to traditional means Merchants

Salvadoran Government Introduces Bitcoin Banking Law Reform

The Salvadoran government has presented an initiative to accelerate the inclusion of Bitcoin and other cryptocurrencies in its investment banking sector The banking law reform introduced to the

Bitcoin Proponent Michael Saylor Forecasts Potential $8 Million BTC Price Tag

Fervent Bitcoin proponent Michael Saylor has made another very bullish prediction for Bitcoin’s price tag His comments, which were made at a recent Prague event, have captured the attention of

Paxos Lays Off 65 Employees Following Yield-Bearing Stablecoin Launch

According to sources familiar with the matter, the stablecoin issuer Paxos is cutting 20% of its workforce This development comes on the heels of Paxos International’s announcement of its
- Advertisement -spot_img