During an interview with CNBC, Galaxy Digital CEO Mike Novogratz said he doesn’t believe in Bitcoin’s price going down to $13,000.
“Can we go lower? Of course we could. It feels that we’re 90% through that deleveraging,” says @novogratz on #crypto. “The problem is for you to go much higher, you need the narrative to go much higher and you need new capital to come in.” pic.twitter.com/aoWFcorWhX
— Squawk Box (@SquawkCNBC) July 7, 2022
“Is it possible to fall lower? Of course. There is a feeling that we have overcome this deleveraging by 90%. […] The problem is that further growth requires more faith and new capital,” he said.
Novogratz also added that centralized companies in the cryptocurrency market had too many positions with leverage, which led to the bankruptcy of some of them.
In addition, he predicted a sideways trend in the digital asset industry until the time when the US Federal Reserve (Fed) stops raising base rate.
Earlier (in June) Novogratz predicted continued recession in the cryptocurrency market for 18 months. He believes that the industry will see the first signs of recovery after the easing of the Fed’s monetary policy.
