Early Bitcoin investor Mike Novogratz speaks on crypto market outlook BTC Crypto
that Bitcoin might hit bottom lows at $38,000 as institutional investors prepare to buy amid a sell-off as 2022 progresses. The crypto billionaire had stated in an interview that he thinks big institutions are going to see the $38,000 level as an attractive place to buy.
However, as it stands, Novogratz believes crypto has already had a decent sell-off and is running into some buying support. He gives one condition on which this might happen—if stocks recover—saying, ''Crypto will have a hard time rallying until stocks find a base.'' Noting a breakdown in bonds and tens, the crypto billionaire predicted days before the downside pressure on the Nasdaq and crypto as long as rates go higher.
On-chain analytics firm IntotheBlock foresaw pressure on the Bitcoin price, stating"BTC hangs by a thread," while suggesting that the most important support level for Bitcoin lies between $38,900 and $40,200. Such a critical demand barrier must hold to prevent BTC from a steep correction toward $30,000, IntotheBlock says.
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