{"id":480718,"date":"2022-01-10T17:00:08","date_gmt":"2022-01-10T17:00:08","guid":{"rendered":"https:\/\/wncen.com\/?p=480718"},"modified":"2024-06-11T06:53:43","modified_gmt":"2024-06-11T06:53:43","slug":"galaxy-digital-ceo-mike-novogratz-says-bitcoin-has-hit-the-bottom","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/galaxy-digital-ceo-mike-novogratz-says-bitcoin-has-hit-the-bottom\/","title":{"rendered":"Galaxy Digital CEO Mike Novogratz Says Bitcoin Has Hit The Bottom"},"content":{"rendered":"
Bitcoin has been on a downward streak since the last quarter of 2021, and this has spilled into the new year. As January goes into full bloom, it has come with discouraging movements for investors as over $500 billion has been wiped off the market. This has sent bitcoin\u2019s price down to the dreaded $40,000 price range.<\/p>\n
One question that remains in the mind of investors is, has the market seen the bitcoin bottom? Billionaire Mike Novogratz attempts to answer this as he puts forwards his thoughts on the issue and predicts the bitcoin bottom.<\/p>\n
Related Reading |\u00a0TA: Bitcoin Key Indicators Suggest A Strengthening Case For More Downsides<\/a><\/strong><\/em><\/p>\n Galaxy Digital CEO Mike Novogratz has always been an active voice in the crypto space and has at various times given his thoughts on the market. This time around, Novogratz sat down with CNBC<\/a>\u2019s Squawk Box, where he predicted where the bottom of the current bitcoin downtrend will be.<\/p>\n The billionaire CEO placed the floor of the current downtrend at $38,000 which he does not see bitcoin going under. Currently, bitcoin\u2019s lowest during the dips have been $40,680, from which the digital asset has since recovered. But if Novogratz\u2019s predictions are anything to go by, then the market may see another dip before there is a full-blown recovery trend.<\/p>\n <\/p>\n The CEO gives his reason for this bottom as institutional investors taking advantage of the low prices to get into the digital asset. I\u201d know big institutions who are going through their process to put positions on. They’re going to see those as attractive levels to buy,\u201d\u00a0 <\/span>Novogratz said.<\/p>\n \u201cOn the charts, $38,000, $40,000 feels like where we should bottom,\u201d he added.<\/p>\n Continuing on, Novogratz shares more regarding his stance on this predicted bitcoin bottom. One of those has been inflation.<\/p>\n Those who have been following the markets know that rising inflation rates have led to increasing concerns among investors who have begun to look for alternatives to gold to serve as an inflation hedge. Bitcoin has naturally become the option for these investors.<\/p>\n The Fed believes that inflation rates will begin to come down, but the CEO explained that if this does not go as planned, then \u201call bets are off.\u201d<\/p>\nBitcoin Should Bottom Out Between $38,000 to $40,000<\/h2>\n
BTC price tumbles down to $41,475 | Source: BTCUSD on TradingView.com<\/a><\/pre>\n
Inflation Will Drive Growth<\/h2>\n