Mike Novogratz: Bitcoin holds above $20,000; Ethereum unlikely to slip below $1,000

Galaxy Digital founder and chief executive Mike Novogratz believes the two largest cryptocurrencies by market capitalization are already near the bottom, unlike assets in traditional U.S. financial markets. Bloomberg reports this.

“Ethereum must hold at the $1,000 level; it’s currently at $1,200. Bitcoin is around $20,000-$21,000, it’s now at about $23,000. So you are now much closer to the bottom of the crypto market than, say, stocks. They will fall another 15-20%,” said Novogratz at a Morgan Stanley-organized conference.

The barometer of the American economy—the S&P 500 index—fell by 22% relative to its January peaks. Bitcoin and Ethereum prices have fallen from their all-time highs by 67,6% and 74,9%, respectively.

“I won’t be sure that it’s really time to deploy substantial funds until I see the Fed back off — stop raising rates and even consider cutting them,” said the head of Galaxy Digital.

Earlier in May, Novopredicted Bitcoin and Ethereum would fall below $30,000 and $2,000 respectively.

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