Bitcoin Price Will Not Fall Under $40k - Mike Novogratz.
2021-12-09 | Daniel Smith
Mike Novogratz, CEO of
Galaxy Digital, predicts that the price of Bitcoin will not go under $40,000. Earlier today, the crypto billionaire told CNBC anchor Joe Kernen that he would be astonished if the largest cryptocurrency returned to the abovementioned price level.
Novogratz believes that $42,000 will linger at the bottom of the current slump. Earlier on December 4, Bitcoin dropped 21%, prompting crypto traders to brush up their $20,000 charts. On December 8, the cryptocurrency recovered to $52,000, but it was denied there.
At the time of posting,
Bitcoin was trading down 2.7 percent on
cryptocurrency platform Bitstamp, just over the $49,000 mark. Novogratz thinks that BTC falling below $40,000 would cause a substantial shift in attitude and that such a precipitous loss would make him wonder.
Nevertheless, according to U.Today, growth investor Louis Navellier recently stated that
Bitcoin might fall below $10,000 if it loses the do-or-die $28,500 support level that held during a major decline in the summer.
Following a string of failed forecasts in 2018, the hedge fund expert made a foresighted prediction that Bitcoin will recapture its former record high of $20,000 by the end of 2020.
BTC is already up 73% in 2021, outperforming some of the major cryptocurrencies.
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