Bitcoin may drop to 42 thousand at most

Mike Novogratz, founder and CEO of Galaxy Digital, stated that he does not expect a sharp decline in Bitcoin, but even if there is a decline, it could be up to 42 or 45 thousand dollars.

“Believers are the ones who deserve to earn money”

Participating in the program on CNBC, one of the US media, Novogratz was asked, “What is your scenario for the decline in Bitcoin?” He answered the question as follows:

“Frankly, I do not expect a big decrease. But if there is a decline, there may be a withdrawal up to 45 thousand or at most 42 thousand dollars. We cannot know the reason for this. There may be pressure regarding regulations, or another issue may arise. But I don’t think this decline will come either. If it comes, recovery from that region will also come. Sometimes there are sharp declines. Making money is not easy. There have been times when the market crashed so that some people would get scared and run away. There is a belief factor in crypto markets and it is very strong. Believers are generally the ones who deserve to earn money.”

Novogratz also said that although the general majority is bullish on Bitcoin at the moment, he thinks institutions and major players are also profit-taking:

“Everyone expects a rise in gold, but I’m sure the big players have traded at least 4 times in the last 5-6 months. The same goes for Bitcoin… Young people buy and sell through an application. That’s why these assets are constantly bought and sold. Traded assets…”