TL;DR Breakdown
- Bitcoin is currently making the entire market nervous with its bearish price movement.
- Among this bearish price action, investors believe regulatory issues might give Bitcoin investors a hard time.
- Mike Novogratz claims that if the current price levels remain above $40K, there is nothing to fear.
The famous bullish investor of crypto market and Galaxy Digital CEO, Mike Novogratz, says that BTC would not make him “nervous” as long as it stays above $40,000.
In a recent media talk, Mike acted calm in global chaos caused by the sudden sell-off and latest drop in BTC price. Unlike the last drop where most institutions were bearish, this time, despite the sudden 10% BTC price drop, most of them are bullish. Similarly, Mike also argued that the current BTC price drop is in favor of traders as it acted as a healthy correction after two months of “up-only” attitude.
Mike Novogratz: “BTC is in good shape with high engagement and activity”
He said that for the short term, the most important support level to note for BTC is $40,000. If BTC stays above it, there is nothing to fear. He also commented on Ethereum that we are safe so far Ethereum stays above $2,800.
Mike Novogratz thinks that it was the China FUD that caused a market panic. The market has seen a massive influx of institutional money coming in, and if these firms keep holding their BTCs, there’s nothing to worry about.
Despite the current price action, if looked at on a larger scale, the demand by big traders and institutional investors is not at all disturbed.
Mike added that he is not nervous about the market actions. Mike is as bullish on Bitcoin as ever since the cryptocurrency has seen a huge surge in institutional investment. Mike claims that his clients have been actively engaging in Bitcoin investment, and more people are investing daily.
Along with Mike, American billionaire investor, Ray Dalio, said that BTC has a “perceived” rather than inherent value in a media talk. He also pointed out the regulatory activities by the United States and added that regulations might still “kill” the crypto world’s spotlight.
