Mike Novogratz Says Bitcoin Should Bottom Around $40K, Sees ‘Tremendous’ Demand From Institutional Investors

Galaxy Digital CEO Mike Novogratz expects the price of bitcoin to bottom at around $38K-$40K. “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 Future Outlook of Crypto Market

The CEO of Galaxy Digital, Mike Novogratz, talked about the outlook for the cryptocurrency market in an interview with CNBC last week. He was asked about the falling prices of cryptocurrencies, particularly bitcoin.

“Part of the bitcoin story was the debasement of fiat currency and as the Fed looks to get more hawkish, some of that comes off,” he explained.

“Crypto had a monster year last year. It’s hard to think you’re going to grow to the sky nonstop. This is a pullback,” he stressed, adding:

We see a tremendous amount of institutional demand on the sidelines. I’m not nervous in the medium-term.

Nonetheless, Novogratz cautioned, “We are going to have a lot of volatility in the next few weeks.”

Novogratz was also asked if he thought there was a floor at $38,000 for bitcoin after he said, “you will find a lot of support for bitcoin” around $38K to $42K. The Galaxy Digital executive replied:

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.

“On the charts, $38,000, $40,000 feel like where we should bottom,” he emphasized. On Friday, Novogratz tweeted, “We entered the buy zone…”