Billionaire Mike Novogratz predicts Ethereum (ETH) bottom, rules out Bitcoin (BTC) result
Billionaire Mike Novogratz predicts that Ethereum (ETH) is almost bottomed after its successful merge upgrade earlier this month.
In a new CNBC interview, Galaxy Digital’s CEO praises the Ethereum merger and offers price bottom prediction while ruling out a “catastrophic drop” in the price of Bitcoin (BTC).
“Ethereum has had quite a big move down. We had the merger. The merger was an amazing feat in so many ways, wasn’t it? It shows that a decentralized community can achieve something really complicated. I think we’re going to look back on that as something really meaningful. You know, Ethereum had gone from $1,000 to $2,000. And now you’ve had a really big pullback. It feels like $1,250 should be the bottom here, so I think you’re closer to the bottom than the top.”
Novogratz says growing interest from institutions will prevent Bitcoin’s price from falling dramatically.
“Somewhere there is a put in bitcoin because you see these institutions all slowly getting involved. And when I see this adoption, when I see BlackRock make a deal with Coinbase and their own fund, you just know people are coming to buy and so, you know, bitcoin could go lower? Of course it could, but I don’t think there’s a catastrophic fall.”
Novogratz acknowledges that there is a correlation between cryptocurrency prices and the US Federal Reserve’s decision to increase interest rate hikes to reduce inflation. He says he would remain “neutral” on cryptocurrency prices until that strategy changes.
“They would be more neutral here, waiting for the Fed to turn. And then I think you’re going to see a big, big crypto rally.”
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