Mike Novogratz expects Bitcoin to hold over $ 42,000

Galaxy Digital CEO Mike Novogratz believes the price of Bitcoin will not fall below $ 40,000.

The crypto mogul told CNBC host Joe Kernen today that it would be surprised if the largest cryptocurrency revisited the price point mentioned above.

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Novogratz expects $ 42,000 to stay on the lower end of the ongoing correction.

I think $ 42,000 should hold up, that will be the bottom of this move. I would be surprised if it falls below $ 40,000.

Bitcoin suddenly fell 21% on December 4th, knocking crypto traders off their $ 20,000 charts.

The cryptocurrency rallied to $ 52,000 on December 8, but was rejected there.

At the time of going to press, Bitcoin is down 2.7%, a little over USD 49,000 on the Bitstamp crypto exchange.

Novogratz stated that a drop in Bitcoin below $ 40,000 would cause a significant change in sentiment, adding that such a drastic drop would scratch his head.

The head of cryptocurrency remains optimistic as more people join the industry:

There are a lot of people involved. I find it hard to go downstairs.

However, as reported by U.Today, growth investor Louis Navellier recently said that Bitcoin could fall to $ 10,000 if it loses the $ 28,500 support it tried to keep strong during a summer rally.

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.

Bitcoin is up 73% in 2021, putting some of the top altcoins well behind.