Mike Novogratz believes that Bitcoin will bottom out around $40,000
Galaxy Digital CEO Mike Novogratz expects Bitcoin, the largest cryptocurrency, to hold the $40,000 level and then have another leg up after a period of consolidation, according to his recent interview with CNBC’s “Squawk Box”:
I think $40,000 should hold … we’ll consolidate then we’ll have another leg up.
Novogratz claims that he sees more institutions moving into Bitcoin, adding that he’s no longer “the lone Wall Street guy” who’s screaming about it.
As reported by U.Today, Novogratz revealed that he had roughly 85 percent of his entire net worth in crypto.
Bitcoin’s dominance slips below 40 percent
According to CoinMarketCap data, Bitcoin’s dominance is now sitting at a multi-year low of 39.3 percent.
The top cryptocurrency is struggling to pick up steam after the Elon Musk debacle, while multiple altcoins of the likes of Polygon (MATIC) Synthetix (SNX) are posting stellar gains.