Billionaire Mike Novogratz Forecasts Ethereum (ETH) Bottom, Rules Out One Outcome for Bitcoin (BTC)
Billionaire Mike Novogratz predicts that Ethereum (ETH) is near the bottom after the successful merger upgrade earlier this month.
In a new CNBC interview, the CEO of Galaxy Digital praises the Ethereum merger and offers a bottom price prediction, while ruling out a “catastrophic fall” in the price of Bitcoin (BTC).
“Ethereum has had a pretty big decline. We had the merger. The merger was an amazing achievement in many ways, wasn’t it? It shows that a decentralized community can achieve something very complicated. So I think we’ll look back on that as something really important. You know, Ethereum had gone from $1000 to $2000. And so now you’ve had a really big withdrawal. It feels like $1,250 should be the bottom here, so I think you’re closer to the bottom than the top.”
Novogratz says that the growing interest of institutions is going to prevent the price of Bitcoin from falling dramatically.
“Bitcoin is embedded somewhere because you just see these institutions all getting engaged slowly. And then when I see this adoption when I see BlackRock do a deal with Coinbase and their own fund … you just know people are coming to buy , and then, you know, can Bitcoin go lower? Of course it can, but I don’t think it’s a catastrophic fall.”
Novogratz acknowledges that there is a correlation between cryptocurrency prices and the US Federal Reserve’s decision to increase interest rate hikes to bring down inflation. He says he would remain “neutral” on cryptocurrency prices until there is a shift in that strategy.
“You would be more neutral here and you would wait to see the Fed pivot. And then I think you’re going to see a big, big rally in crypto.”
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