Bitcoin Price Prediction from Crypto Billionaire!

Crypto billionaire and phenom Mike Novogratz continues to see a strong bullish trend for the Bitcoin price as many fiat currencies continue to lose value against the dollar.

Mike Novogratz says he will take advantage of disequilibrium for Bitcoin price

Recently, the billionaire investor shared his thoughts on the crypto market. Former hedge fund manager Novogratz is the Founder and CEO of Galaxy Digital. Novogratz points out that many cryptocurrencies have lost value against the dollar. Interestingly, he predicts a bullish situation for Bitcoin in this environment. Novogratz also noted that the Turkish Lira, Argentine Peso and other fiat currencies all experienced vertical declines. Meanwhile, the strength of the dollar reached its highest level in 20 years. According to Novogratz, the gap that opens makes it hard to imagine things “breaking down” in the long run.

Novogratz has repeatedly predicted that if the Fed continues monetary easing, the price of Bitcoin will rise. But there is currently no sign that the Fed will change its hawkish stance on monetary policy. The central bank recently implemented its third consecutive 75 basis point rate hike. Now it is ready to continue raising rates in the future to control inflation.

Some followers were skeptical of Novogratz’s latest interpretation of the apocalypse. “The ponzi scheme is failing badly,” one user tweeted. Another Twitter user recalled how the billionaire showed off his famous Luna tattoo before the project’s failure in May.

Mike Novogratz explains when we will see crypto market rally

Novogratz’s ‘rally predictions’ came from an interview with Andrew Ross Sorkin on CNBC’s “Squawk Box”. Novogratz said about Ethereum and Bitcoin:

Ethereum suffered a pretty big drop. Merge is complete. I think we’re going to look at it as something really important. Ethereum had previously surged from $1,000 to $2,000. We are now experiencing a truly great retreat. The bottom here should be $1,250 and that’s why I think you’re closer to the bottom than the top…

Novogratz, referring to historical data, said the latest drop was not a ‘disastrous one’. The cryptocurrency phoneme says that one of the reasons for the decline, the Fed will also trigger the next rally:

There’s a stake in Bitcoin somewhere because you’re seeing all of these institutions come into play gradually. When I see this adoption when I see BlackRock making a deal with Coinbase and their own funds… Sure it could be, but I don’t think it’s a catastrophic drop… We expect to see a more neutral and Fed pivot here. Then I think you’re going to see a big, big rally in crypto.

cryptocoin.comAs you follow, BTC is currently trading at $19,092.21. Meanwhile, Ethereum price was trading above $1,300.

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