Billionaire Mike Novogratz updates Outlook on crypto markets when Bitcoin touches $ 21,000
The Galaxy Digital chief says that top crypto by market value Bitcoin (BTC) may fall lower as digital asset firms continue to reduce lending.
In a new interview with CNBC’s Squawk Box, Mike Novogratz says that while he does not anticipate BTC falling to the $ 13,000 price level, he believes it will fall further.
“This is a story as old as time, and when the tide ran out, we saw a lot of excessive influence from centralized crypto companies, ironically, not chain companies. Guys like Celsius, Three Arrows and BlockFi, who just had incredible amounts of influence.
We have now seen many of these [companies] Basically declare bankruptcy and you have this huge reduction. I think most of this reduction is out of the system. “
“Can we go lower? Of course we can. It feels like we’re 90% through that downshift,” he says @novogratz on #krypto. “The problem is for you to go much higher, you need the story to go much higher and you need new capital to get in.” pic.twitter.com/aoWFcorWhX
– Squawk Box (@SquawkCNBC) July 7, 2022
Novogratz says that BTC may fall lower before new capital enters the room, causing it to rally.
“Can we go lower? Of course we could. It feels like we’re 90% through that reduction. The problem, of course, is that in order for you to get much higher, you need the story to resume, and you need new capital to get in.
My instinct is [that] it’s going to be choppy sideways for a while until either the Fed recovers and we get that macro narrative or just the damage is healed. ”
Bitcoin is changing hands for $ 20,873 at the time of writing, an increase of 4% on the day.
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Featured image: Shutterstock / Sergey Nivens / Sol Invictus
