The cryptocurrency market has been in a bearish trend for the past few weeks, with the prices of most coins down by more than 20% during that period. However, market experts are still optimistic about the medium and long-term outlook of cryptocurrencies.
So Many People Participate in Bitcoin
Crypto billionaire and the CEO of Galaxy Digital Mike Novogratz has stated that he believes Bitcoin will stay above the $42,000 level. He made this statement during an interview with CNBC’s Squawk Box yesterday.
“I think $42,000 should hold, that should be the bottom of this move. It would surprise me if it went below $40,000,” says @Novogratz on #Bitcoin‘s latest dip $BTC. “There’s so many more people participating on it. It’s hard for me to see if going below.” pic.twitter.com/4VuYIw01dF
— Squawk Box (@SquawkCNBC) December 8, 2021
Bitcoin has been trading around the $50k level for the past few days. The leading cryptocurrency’s price is down by more than 20% from the all-time high of $69,044 it achieved a month ago.
Novogratz stated that “I think $42,000 should hold, that should be the bottom of this move. It would surprise me if it went below $40,000. There’s so many more people participating in it. It’s hard for me to see if going below.”
According to the Galaxy Digital CEO, there are too many people involved in Bitcoin for the cryptocurrency’s price to fall below $40,000 per coin.
Novogratz Predicts Crypto Industry Will Reach $20 Trillion
Mike Novogratz is very bullish about the cryptocurrency industry. In June 2019, he pointed out that the potential of the cryptocurrency space is just starting to come to the surface and expects the total market cap to reach $20 trillion in the coming years.
The cryptocurrency market cap reached $3 trillion last month when Bitcoin raced to a new all-time high of $69k. During that period, Ether, the second-largest cryptocurrency by market cap, also reached a new all-time high close to the $5,000 level.
The prices of the cryptocurrencies have been down since then. However, Bitcoin has performed excellently since the start of the year. BTC’s value is up by more than 70% since the start of 2021, outperforming numerous major financial assets in the process.
This article was originally posted on FX Empire
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