361
148 shares, 361 points

Explaining his views on Bitcoin price in a recent interview, Galaxy Digital boss Mike Novogratz predicts that Bitcoin will find support at the level of $38,000. In addition, cryptocurrency analyst Alex Kruger states that the ‘Fear and Greed’ metric indicates ‘extreme fear’.

What will be the price of Bitcoin in an environment of extreme fear?

The crypto boss believes this is just a healthy pullback after the crypto market posted stellar gains in 2021. The billionaire says that despite taking a significant hit to his net worth, he is not worried about the performance of the leading cryptocurrency in the mid-term due to strong institutional demand:

We see a tremendous amount of institutional demand on the edge.

Also, Galaxy Digital CEO expects to see more volatility in the coming weeks. Prior to that, Mike Novogratz said that Bitcoin is in a bearish trend in the near-term due to the weakness in the stock market, but he also claimed that it is unlikely that the leading coin will drop below the $40,000 level.

On Thursday, the price of Bitcoin and the series of stocks slowed when the Federal Reserve unexpectedly took a hawkish tone. To combat out-of-control inflation, multiple US rate hikes are on the table this year. Also, the protests in Kazakhstan, a major Bitcoin mining hub, reinforced the narrative of the decline, which led to a massive drop in the hash rate of the Bitcoin network. As reported by

Kriptokoin.com , Fundstrat’s Mark Newton recently predicted that Bitcoin could test the lows of September 2021 after falling below the $45,600 support level. Meanwhile, Bitcoin investor sentiment has recently reached unprecedented bearish levels. Analyst Alex Kruger states that the popular crypto ‘Fear and Greed’ indicator, which is updated daily, now flashes ‘extreme fear’ in four different time frames.


Like it? Share with your friends!

361
148 shares, 361 points

What's Your Reaction?

hate hate
613
hate
confused confused
122
confused
fail fail
981
fail
fun fun
858
fun
geeky geeky
736
geeky
love love
368
love
lol lol
490
lol
omg omg
122
omg
win win
981
win
Michael Lewis

Emperor

0 Comments

Your email address will not be published. Required fields are marked *

Choose A Format
Personality quiz
Series of questions that intends to reveal something about the personality
Trivia quiz
Series of questions with right and wrong answers that intends to check knowledge
Poll
Voting to make decisions or determine opinions
Story
Formatted Text with Embeds and Visuals
List
The Classic Internet Listicles
Countdown
The Classic Internet Countdowns
Open List
Submit your own item and vote up for the best submission
Ranked List
Upvote or downvote to decide the best list item
Meme
Upload your own images to make custom memes
Video
Youtube, Vimeo or Vine Embeds
Audio
Soundcloud or Mixcloud Embeds
Image
Photo or GIF
Gif
GIF format