Mike Novogratz Doubts Bitcoin Will Crash to $13,000

Galaxy Digital chief Mike Novogratz said in an interview with CNBC that he does not believe bitcoin can fall to $13,000.

«Can we go lower? Of course we could. It feels that we’re 90% through that deleveraging,» says @novogratz on #crypto. «The problem is for you to go much higher, you need the narrative to go much higher and you need new capital to come in.» pic.twitter.com/aoWFcorWhX

— Squawk Box (@SquawkCNBC) July 7, 2022

“Can we fall lower? Of course. It feels like we’re 90% through that deleveraging. … The problem is that for further growth you need more faith and new capital,” he noted.

According to Novogratz, centralized crypto firms had too many leveraged positions on the market. This led to the bankruptcy of some of them.

He also forecast a sideways trend in the digital asset industry until Fed stops raising base rate.

In the same month, American rapper Snoop Dogg said that the current crisis will benefit the market for digital assets and weed out those who “abused the opportunities”.

Rockefeller International head Ruchir Sharma said that Bitcoin needs to shed excess leverage to regain resilience.

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