Important Levels For Bitcoin, Ethereum And When Mike Novogratz Expects Crypto To Rise Higher

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After a huge surge in cryptocurrency prices this year, crypto is going through a period of consolidation, Galaxy Digital Holdings Ltd (pink: BRPHF) CEO Mike Novogratz said on CNBC’s “Squawk Box” on Wednesday.

Levels to Watch: $ 40,000 is an important level for Bitcoin (CRYPTO: BTC), Novogratz said, adding that if it drops below $ 40,000, $ 38,000 will be the next level to watch.

For Ethereum (CRYPTO: ETH), the $ 2,800 level “seems like an important level to hold”. Novogratz noted that the two most popular cryptocurrencies traded within these ranges during the consolidation period.

Related Link: Why Bitcoin Price Action Below K Could Be ‘Fast and Volatile’

And then: Novogratz told CNBC that he still anticipates a surge in cryptocurrency prices before the end of the year.

“I guess it’s only halfway to a third of the fourth quarter that you will see the next increase,” he said.

The best performing asset classes throughout the year tend to be those that end the year strong, he said.

The CEO of Galaxy Digital is still quite optimistic for a strong fourth quarter in crypto, but expects “more chops” before popular cryptocurrencies start to soar.

BTC, ETH Price Action: Bitcoin is down 0.93% to $ 41,993 in a 24 hour period. Ethereum is down 1.40% to $ 2,900.01 in a 24 hour period.

Photo: Sulayman Sanyang from Pixabay.

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