During a Squawk Box episode on CNBC, Mike Novogratz, the founder and chief executive of Galaxy Digital hedge fund, talked about the cryptocurrency market, concentrating on Bitcoin. In his commentary, Novogratz touched on the present state of Bitcoin after it hit a new all-time high of $73,000, highlighting the possibility of a market correction. Though the prices have reached levels much higher than one could have anticipated, he does not expect a fall below some of the most critical support points.
There are historical patterns that, according to Novogratz, will cause Bitcoin to have a correction. Yet, he is very positive, concluding that even such a fall would not push Bitcoin’s price level under $55,000 or $50,000. He linked the current market dynamics with high funding rates and an air of frothiness, which was a sign of traders’ increased activity and speculation.
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