Mike Novogratz Believes Bitcoin (BTC) Will Bottom at $38K
The world’s leading digital currency BTC has lost another 3% as crypto market sell-off magnifies. With that, Bitcoin explores monthly lows beneath $42,000. The question remains, is this the new Bitcoin bottom? Some market players say no!
A former manager at Goldman Sachs and renowned crypto investor Mike Novogratz stated that BTC has chances to dip beneath $40,000. The analyst believes the crypto will test a bottom around $38,000 before accumulating surging strength. He told CNBC that Bitcoin would attract institutional investors at those lows.
Bitcoin has retained a downward trend since the past month. The leading coin lost over 40% since the November $69K all-time high. Meanwhile, Bitcoin has seen such retracement within the past decade.
Fed Stiffening Monetary Policy
Most assets in the crypto market have seen quick downward actions since Fed’s comments on Wednesday. Online investors appear to move to less-risk assets as Fed plans to stiffen its monetary policy quicker than expected.
On the other hand, US consumer inflation rose by a whopping 6.8% last year. With that, Fed might tighten its protocols to monitor it. Nevertheless, Novogratz encouraged market players not to panic. The crypto experts remain bullish as far as institutional participation is concerned.
Meanwhile, cryptocurrency critics commented on Bitcoin’s current situation. Peter Schiff expects the dominant crypto to retrace to levels of $15K.
Alts in Turmoil
The latest crash in the global markets saw alternative tokens suffering than BTC. The leading alt by market value, Ethereum, saw another 6% drop, hitting value areas beneath $3,200. While publishing this content, Ether exchanged hands at $3,196.
Other alts reflected the market-wide retracement with severe losses. Solana encountered an 8% crash, dropping below $140. With that, SOL is more than 40% lower than its ATH. Also, LUNA has crashed towards the $70 mark, translating to a 30% fall from ATHs of $100.
The altcoin market may depend on Bitcoin’s actions for the upcoming sessions. Meanwhile, BTC needs an upward move towards the range at $45,000 to $50,000 to support steady upswings. Such a move will bolster assets in the altcoin market.
Stay tuned for upcoming updates in the crypto world.
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