Novogratz Sees Bitcoin Bottom Around $38-$40K, Waiting To Buy

Crypto-billionaire Mike Novogratz, CEO and founder of Galaxy Digital Holdings, told CNBC he is waiting a little bit longer to buy crypto and that on a Bitcoin chart it seems the $38k-$40k level is where Bitcoin would find support and a bottom after a “monster year.”

“I know big institutions who are going through their process to put positions on. They’re going to see those as attractive levels to buy.”

“I know big institutions who are going through their process to put positions on. They’re going to see those as attractive levels to buy,” says @novogratz on calling for a #bitcoin bottom at $38,000. pic.twitter.com/wsUM68Fvpx

— Squawk Box (@SquawkCNBC) January 6, 2022

Novogratz said that Bitcoin is going to be volatile over the next few weeks but he is not nervous in the medium term on the crypto currency, as the long-term story remains intact. 

He believes that part of the Bitcoin story was the debasement of fiat currencies and as the Fed becomes hawkish “some of it comes off.” Additionally, Bitcoin is still correlated to the Nasdaq which has come off from the highest levels.

“Crypto had a monster year last year. It’s hard to think you’re going to grow to the sky nonstop. This is a pullback. We see a tremendous amount of institutional demand on the sidelines. I’m not nervous in the medium-term,” says @novogratz on #crypto #btc sell off. pic.twitter.com/qCKamdoqp9

— Squawk Box (@SquawkCNBC) January 6, 2022

Novogratz said the latest move down has been on low volume, adding that there is a “tremendous amount of institutional demand on the sidelines.”