According to Galaxy Digital CEO Mike Novogratz, Bitcoin should be bottoming somewhere around the $38,000 to $40,000 price range.
“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,” said Novogratz. “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.”
Although Novogratz acknowledged that there is a significant amount of institutional demand, he cautioned that there will be volatility in the next few weeks.
Novogratz stated that there will be a lot of support for bitcoin around $38,000 to $42,000, to which he was asked if he thought there was a floor for bitcoin at $38,000. He replied that he “knows big institutions who are going through their process to put positions on. They’re going to see those as attractive levels to buy.”
Previously, the CEO of Galaxy Digital has said something similar suggesting that institutional investors would see Bitcoin’s declining price as a sign to buy more. — having made a similar statement in June when Bitcoin fell below $30,000.
