After this month’s successful merge upgrade, billionaire Mike Novogratz predicts that Ethereum’s (ETH) price is about to bottom out.
In a recent CNBC interview, the CEO of Galaxy Digital lauds the Ethereum integration and predicts a bottom price, while excluding a “catastrophic decline” in Bitcoin’s value (BTC).
“Ethereum has seen a significant decline. There was the merger. The merger was a tremendous achievement in several aspects, correct? It demonstrates that a decentralized community is capable of doing something really difficult. Consequently, I believe it will be seen as something of great significance. The price of Ethereum rose from $1000 to $2000. Consequently, there has been a significant retreat. It seems like $1,250 ought to be the bottom, therefore I believe you’re closer to the bottom than the top.”
Novogratz believes that the increased interest of institutions will prevent a precipitous decline in Bitcoin’s price.
“when I see this adoption and BlackRock’s partnership with Coinbase and their own fund, I conclude that individuals are coming to acquire Bitcoin. Certainly, it may, but I do not anticipate a catastrophic decline.”
Novogratz admits a link between the price of cryptocurrencies and the U.S. Federal Reserve’s determination to increase interest rates to combat inflation. He states that he will maintain a “neutral” stance on cryptocurrency pricing unless there is a change in approach.
Also Read: Bitcoin Must Retake $19,000 To Be ‘Bullish,’ Says Analyst
Wallets