Billionaire Mike Novogratz predicts the bottom of Ethereum (ETH) and Bitcoin (BTC)
Billionaire Mike Novogratz predicts that Ethereum (ETH) is nearing a bottom following his successful merger upgrade earlier this month.
In a new CNBC interview, the CEO of Galaxy Digital praises Ethereum consolidation and makes a prediction for a bottom price, while ruling out a "catastrophic drop" in the Bitcoin (BTC) price.
“Ethereum had a sharp down move. We had a merger. Consolidation is an amazing achievement in many ways, isn't it? It shows that a decentralized community can achieve something really complex. And I think we'll remember it as something really important. You know, Ethereum went from $1,000 to $2,000. And now you've got a really big failure. Looks like $1250 here should be the bottom, so I think you're closer to the bottom than the top. "
Novogratz says that growing interest from institutions will prevent the Bitcoin price from plummeting.
“There is a Bitcoin sell-off somewhere because you just see all these institutions getting in. So when I see this adoption, when I see BlackRock doing a deal with Coinbase and their own fund… you just know people are coming to buy and so Bitcoin can go down? Of course, it is possible, but I don't think there will be a catastrophic drop. "
Novogratz acknowledged that there is a correlation between the price of cryptocurrencies and the decision of the US Federal Reserve to raise interest rates to reduce inflation. He said that he will remain “neutral” on crypto prices until there is a change in that strategy.
“You're going to be more neutral here, and you're going to wait and see how the Fed turns around. And then I think you're going to see a big, big rally in crypto. "
Sep 22, 2022