Galaxy Digital CEO Mike Novogratz believes that the Bitcoin price will not fall below $40,000. Novogratz, a former hedge fund manager at Fortress Investment Group, told Joe Kernen on CNBC today that he would be surprised if the largest cryptocurrency reconsiders its $40,000 price level.

   "I think $42,000 should hold, that should be the bottom of this move. It would surprise me if it went below $40,000,"

Galaxy Digital CEO, famous financier Mike Novogratz believes that the ongoing correction in the leading cryptocurrency BTC will continue up to a maximum of $ 42,000.

   "I think the $42,000 support should be the bottom of this move. I'd be surprised if it drops below $40,000."

Bitcoin suddenly dropped 21% on December 4, dropping $20,000. The flagship cryptocurrency managed to recover as high as $52,000 on Dec. 8, but failed to hold there. Bitcoin is currently trading at $50,995. Novogratz added that Bitcoin's drop below $40,000 will lead to a significant change in sentiment. Crypto boss remains optimistic as the number of people joining the industry is increasing.

Trader Louis Navellier recently said that Bitcoin could drop to $10,000 if it loses the $28,500 support level it managed to hold during a dramatic correction in the summer. After a series of failed predictions in 2018, the hedge fund veteran made a forward-looking call about Bitcoin reclaiming its previous record of $20,000 at the end of 2020. Bitcoin is up 73% in 2021, significantly underperforming some of the top altcoins.

"Bitcoin May Overtake Gold"

Mike Novogratz participated in the program on CNBC on October 7, 2021; He said that he thinks the market cap of Bitcoin (BTC) will surpass gold in a few years.

   “I think Bitcoin will continue to be adopted. For this reason, it will grow and reach the market value of gold. It is currently 12% of gold. I expect that to reach 100% in a few years.”