Mike Novogratz expects Bitcoin to stay above $ 42,000

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The cryptocurrency market has seen a downtrend in recent weeks, with the prices of most coins falling by more than 20% during that time. However, market experts remain optimistic about the medium to long term prospects for cryptocurrencies.

So many people participate in Bitcoin

Crypto billionaire and Galaxy Digital CEO Mike Novogratz has said he believes Bitcoin will stay above the $ 42,000 level. He made the statement during an interview with CNBC’s Squawk Box yesterday.

“I think $ 42,000 should hold, that should be the low point of this move. It would surprise me if it got below $ 40,000,” @Novogratz says on the latest drop in #Bitcoin $ BTC. “There are so many more people participating in it. It’s hard for me to see if I’m going below.” pic.twitter.com/4VuYIw01dF

Squawk Box (@SquawkCNBC) December 8, 2021

Bitcoin has been trading around the $ 50,000 level over the past few days. The price of major cryptocurrencies is down more than 20% from an all-time high of $ 69,044 reached a month ago.

Novogratz said I think $ 42,000 should hold, this should be the low point of this move. It would surprise me if it dropped below $ 40,000. There are so many more people participating. It’s hard for me to see if I’m going below.

According to the CEO of Galaxy Digital, there are too many people involved in Bitcoin for the price of cryptocurrency to fall below $ 40,000 per coin.

Novogratz predicts crypto industry to reach $ 20 trillion

Mike Novogratz is very optimistic about the cryptocurrency industry. In June 2019, he pointed out that the potential of the cryptocurrency space is just starting to surface and expects the total market cap to reach $ 20 trillion in the coming years.

The cryptocurrency’s market cap hit $ 3 trillion last month when Bitcoin hit a new all-time high of $ 69,000. During this period, Ether, the second largest cryptocurrency by market cap, also hit a new all-time high near the $ 5,000 level.

Cryptocurrency prices have fallen since then. However, Bitcoin has performed very well since the start of the year. The value of BTC has increased by more than 70% since the start of 2021, surpassing many major financial assets.

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