Galaxy Digital founder and CEO Mike Novogratz shared his predictions about the leading cryptocurrency Bitcoin on CNBC’s “Squawk Box” program.
After the sudden and sharp drop in the crypto money market last weekend, Bitcoin continues to struggle to gain the $ 50,000 level.
While the investors affected by the sudden drop were worried about whether Bitcoin would test new lows, the famous CEO relieved the investors to some extent with his statement.
Novogratz, also known as the Bitcoin bull, stated that he is optimistic about Bitcoin’s medium and long-term price performance and believes that BTC will stay above the $42,000 level.
The famous billionaire, who said that he maintains his optimism about the price of Bitcoin as new investors continue to come to the crypto money market, continued his words as follows:
“I believe $42,000 will remain bottom for Bitcoin. I think the $42,000 level will be maintained. I would be surprised if Bitcoin goes below $40,000.”
Novogratz also added that he is optimistic about the cryptocurrency industry and expects the total market cap to reach $20 trillion in the coming years.
“I think $42,000 should hold, that should be the bottom of this move. It would surprise me if it went below $40,000,” says @Novogratz front #Bitcoin‘s latest dip $BTC. “There’s so many more people participating on it. It’s hard for me to see if going below.” pic.twitter.com/4VuYIw01dF
— Squawk Box (@SquawkCNBC) December 8, 2021
*Not investment advice.