Bitcoin has fallen below $42,500 and is still trading below it at the time of writing.
According to crypto billionaire Mike Novogratz, Bitcoin may fall to a lower level before gaining and rebounding.
Recently, Galaxy Digital CEO Mike Novogratz tweeted and issued a bearish warning about cryptocurrency and the Nasdaq stock market.
He told Mike Novogratz that cryptocurrencies are expected to remain under pressure before prices rebound.
Bitcoin this Tuesday remained on high alert, sinking to an all-time low of $41,240 on Wednesday.
As for the reason that “Novogratz” sees as the main reason for the decline in the price of Bitcoin and the stock market, it is the payment mechanism, as he sees it as the main obstacle behind the correction of the current stock market and the crypto market.
The supply of 10-year Treasuries extended to a two-year high of 1.857%.
Mike Novogratz stated:
For me, 2% is likely to be an ideal target.
So one can expect more downsides to cryptocurrencies in the future.
Mike Novogratz Predicts Bitcoin Crash
Recently, Mike Novogratz predicted that the most popular cryptocurrency Bitcoin would drop to the $38,000 level.
In an interview with CNBC, Novogratz said:
The cryptocurrency’s downward movement has been continuous and at a low level in terms of volume.
Despite that, I can see a huge amount of institutional demand.
“Mike” is one of the old investors in the crypto market and has high expectations about the price of Bitcoin, as he sees that the price of Bitcoin will reach the price of 100,000 dollars in the long term, but before it rises, the price will return to the level of 38,000 dollars, according to his prediction.
Analysis: The current crypto market dynamics are different from what they were before the rise of 2021
The start of burning “MATIC” after activating the “EIP-1559” protocol on the “Polygon” blockchain