Mike Novogratz: “Bitcoin won’t fall below $20,000”

Mike Novogratz, founder and CEO of cryptocurrency investment company Galaxy Digital, is confident that Bitcoin will not fall below $20,000, and Ether will not fall below $1,000.

Speaking at the Morgan Stanley Financials conference on Monday, Mike Novogratz declaredthat now the cryptocurrency market is close to the bottom. However, in his opinion, BTC and ETH will not fall below $20,000 and $1,000, respectively. At the same time, the businessman stressed that the stock market still has room to fall.

The beginning of the week turned out to be difficult for investors: the total market capitalization of the crypto market fell below $1 trillion for the first time in 18 months. Bitcoin fell below $21,000 and Ethereum hit $1,093. Investors began to sell off assets amid news that the US Federal Reserve (Fed) may raise interest rates this week, which will increase the risk of a recession in the country.

“Ether is currently trading at $1,200 and I think it will hold at least $1,000. Bitcoin is also a long way from $20,000. I think we are much closer to the bottom than some believe. We expect the shares to decline by another 15-20%, no more,” Novogratz said.

Also, the head of Galaxy Digital noted that now is not the right time to place capital, given the sharp jumps in Fed rates. The entrepreneur believes that this will change when the Fed realizes that the economy is in a terrible state and stops raising rates.

Last week, speaking at the Piper Sandler Global Exchanges & Brokerage Conference in New York, Novogratz said that about two-thirds of large investment funds will close amid high market volatility.

Source: Bits

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