Forecasting $38,000 Bitcoin support, crypto billionaire Mike Novogratz talks about his market outlook. Crypto billionaire and early Bitcoin investor Mike Novogratz assesses the outlook for the crypto market after the recent sales. Details on the subject cryptocoin.com‘in.
What’s next for Bitcoin?
The cryptocurrency market succumbed to widespread selling pressure as Bitcoin and altcoins slashed the previous day’s accumulated gains. Bitcoin price dropped as low as $37,704 while Ethereum dropped to $2,731 before rebounding slightly. The majority of crypto assets are currently trading in the red with notable losses.
The Galaxy Digital CEO had previously predicted that Bitcoin could bottom at $38,000 as institutional investors prepare to buy in during a sell-off as 2022 progresses. The crypto billionaire stated in an interview that he thinks major institutions will see the $38,000 level as an attractive place to buy. However, in its current form, Novogratz believes the cryptocurrency is already selling well and is facing some buying support. He gives a condition where this can happen – if stocks improve – “Stocks will have a hard time raising crypto until they find a footing,” the billionaire says.
On the other hand, on-chain analytics firm IntotheBlock predicted pressure on the BTC price and said “BTC is hanging by a thread” while suggesting that the most important support level for Bitcoin is between $38,900 and $40,200. What’s next? According to IntotheBlock, BTC and ETH have an extremely high correlation with the Nasdaq 100 of 0.86, suggesting that this could play a role in Bitcoin’s recovery.
Crypto trader and economist Alex Kruger draws attention to the correlation of the cryptocurrency market with the stock market. “The actions of the US opening and after will decide whether #Bitcoin detonates more nukes or bounces,” says crypto analyst Michael van de Poppe.
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