According to Mike Novogratz, CEO of Galaxy Electronic, in an interview with Squawk Box, it would be surprising to see Bitcoin price below $ 40,000.

“I think $ 42,000 should be held, that would be the end of this movement. I would be surprised if it drops below $ 40,000. ” @Novogratz Above #Bitcoinlatest embedding of $ BTC. “There are a lot of people involved. I find it hard to go under. ” pic.twitter.com/4VuYIw01dF

– Squawk box (@SquawkCNBC) December 8, 2021

Mike Novogratz expects Bitcoin price to keep above $ 42,000

told CNBC host Joe Kernen today that he would be surprised if the largest cryptocurrency revisited the price point above. He believes $ 42,000 will remain below the bottom of the ongoing correction.

“I think $ 42,000, so hold, will be the bottom line of this move. I would be surprised if it goes below $ 40,000, ”he said.

Bitcoin price is currently 73% higher in 2021, well below the top altcoins. It unexpectedly fell 21% on December 4th, pushing crypto traders off their $ 20,000 ranking. The cryptocurrency rallied to $ 52,000 on December 8, but was rejected. A drop below $ 40,000 would cause a significant change in sentiment, and he’d scratch his head with such a sharp drop.

“There are a lot of people involved. It’s hard for me to go under, ”he remains optimistic given the growing number of people entering the industry.

Growth investor Louis Navellier recently said that Bitcoin could fall to $ 10,000 if it loses the $ 28,500 support it held during a sharp summer correction. After a series of unsuccessful predictions in 2018, the veteran hedge fund issued a call to forecast that Bitcoin will regain its all-time high of $ 20,000 by the end of 2020.

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