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Mike Novogratz: Bitcoin will hold above $20,000, Ethereum will not fail the level of $1,000

Mike Novogratz, CEO and founder of Galaxy Digital crypto bank, is convinced that the two largest cryptocurrencies by capitalization are already close to the “bottom”, unlike the assets of the traditional US financial market. This is reported Bloomberg.

“Ethereum needs to hold on to $1,000, it’s currently worth $1,200. Bitcoin is in the region of $20,000-$21,000, now it is at $23,000. Therefore, now you are much closer to the bottom of the cryptocurrency market than, say, stocks. They will fall another 15-20%,” Novogratz shared his opinion during a conference organized by Morgan Stanley.

American Economy Barometer – S&P 500 Index – sank by 22% compared to the peak levels of early January. Bitcoin and Ethereum prices fell from all-time highs by 67.6% and 74.9% respectively.

‘Til I see the Fed pull back […]intends to stop raising the rate and even think about lowering it, I will not be sure that it is really time to invest heavily,” said the head of Galaxy Digital.

Recall that in early May, Novogratz foresaw a decline in the prices of bitcoin and Ethereum below the levels of $30,000 and $2,000, respectively.

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