Bitcoin Will Not Fall Below $ 40K

Mike Novogratz believes that the $ 42K mark, which the cryptocurrency reached on December 4, is the lower level of the current correction

Galaxy Digital CEO Mike Novogratz in an interview with CNBC expressed confidence that the price of bitcoin as part of the current correction will not fall below $ 40 thousand. According to Novogratz, the $ 42 thousand mark is the lower level of the corrective decline.

"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

“We need to keep the $ 42K mark, as it is the lower level of the correction. I would be very surprised if bitcoin fell below $ 40 thousand, ”said Novogratz.

On December 4, for the first time since the end of September, the price of bitcoin dropped to $ 42 thousand. Then the value of the asset fell by more than 20% per day.

This led to massive liquidations of traders’ positions in the amount of more than $ 2.5 billion. On December 8, Bitcoin is trading at $ 50.9 thousand, and its capitalization is $ 962 billion, according to CoinGecko.