As Bitcoin continues its volatile movements in recent days, investors are worried about whether there may be further declines.
While there are many analyzes at this point, one evaluation came from Galaxy Digital CEO Michael Novogratz.
The famous CEO, known for his support for BTC and cryptocurrencies, claimed that Bitcoin could fall to $ 42,000 at most if it experiences a correction.
Participating in CNBC's Squawk Box program, Novogratz stated that the Bitcoin price could potentially drop to $42,000 in the face of market dynamics and regulatory changes.
Novogratz stated that although he foresees potential declines for Bitcoin in the short term, he expects an increase in the long term.
“I expect there will be a decline in Bitcoin, but I don't expect a huge decline.
However, I think BTC may decline to a maximum of $42,000 during a possible correction.
Even if there is a decline, the decline will not deepen and a recovery will come immediately from those regions.
As for the reason for the decline, anything can happen. It may be related to ongoing regulatory efforts. It is not easy to make money at this point. In the past, the market has crashed to scare some investors and run away. “
“Bitcoin Won't Stop!”
The famous CEO recently stated that Bitcoin will close 2024 at much higher levels and argued that the basis of the rise will be institutional investor interest.
Novogratz said, “spot Bitcoin ETF inflows are not only an indication of great institutional interest, but also a harbinger of an eventual rise period. Therefore, I do not think Bitcoin will stop. Even if there are declines, I still think Bitcoin will finish 2024 at much higher levels.” said.
*This is not investment advice.
