The CEO and founder of Galaxy Digital, Mike Novogratz has predicted that leading cryptocurrencies — Bitcoin and Ethereum, may have neared their bottom. According to Bloomberg, the CEO recently made the statement at a Morgan Stanley Financials Conference. And while the bottom may be near for crypto, Novogratz say stocks are still a long way from bottoming out.
Bitcoin and Ethereum to soon bottom out — Mike Novogratz
Crypto had one of the craziest downturns in recent years over the past 24 to 48 hours. In fact, maybe it’s even safe to say the crash of the past few days is the worst ever experienced in the entire history of the cryptocurrency market. The crash saw Bitcoin break resistance of $30,000, and went on plunging until it touched on $20,950.82 on Monday. And as expected, the strange turn of events has raised serious concerns about Bitcoin and its final destination. Many are fearful the world’s biggest cryptocurrency might be ultimately heading for ground zero.
Meanwhile, Novogratz insists that none of BTC and ETH will go below $20,000 and $1,000 respectively. Rather, Novogratz stated that stocks will dip even further by another 15 to 20 percent. He said in part:
“Ethereum should hold around $1,000 and it’s $1,200 right now. Bitcoin is around $20,000, $21,000 and it is $23,000, so you are much closer to the bottom in crypto…”
Sell-off spree trails crypto market crisis
The overall crypto market capitalisation is now short of the $1 trillion level. And without any doubts, that is a long way from its November record high of $3 trillion. It is no wonder then that FUD — an acronym for fear, uncertainty, and doubt, has set in. As CoinShare’s recent report suggests, sell-off of digital asset investments within the last week alone, ran into $102 million.
If Novogratz’s predictions are anything to go by, however, then an end to all the current bleeding in crypto might be in sight.