Seeking Alpha 2022-01-06 14:52:32

Bitcoin should bottom around $38K-$40K as crypto adjusts to Fed - Galaxy Digital's Michael Novogratz

Closely watched cryptocurrency investor Michael Novogratz said Thursday that $38K-$40K feels like the level where Bitcoin (BTC-USD) "should bottom" following the Federal Reserve-inspired sell-off that has taken place this week. Speaking to CNBC, the founder and CEO of Galaxy Digital (OTCPK:BRPHF) explained that indications that the Fed would become "more responsible" in fighting inflation limited the need for people to hold Bitcoin (BTC-USD) as an inflation hedge. At the same time, he noted that Bitcoin (BTC-USD) still operates as a risk asset, the type of holding that was hardest hit in a sell-off Wednesday that included a 3% slide in the Nasdaq. Following the recent decline in Bitcoin (BTC-USD) and other cryptocurrencies, Novogratz sees institutional buyers looking to grab the assets at attractive prices. "I know big institutions who are going through their process of putting positions on," he said. "I think they're going to see that as attractive levels

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