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Mike Novogratz Says more pain will come for the crypto market

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A well-known American investor shared his thoughts on the current situation of the crypto market and hinted that people should be ready to see a huge downfall. 

On 9 May, Mike Novogratz, popular American investor and CEO of Galaxy Investment Partners, appeared in an interview with CNBC’s Squawk Box. In the interview, Mike shared his prediction on the near future situation of the crypto market and claimed that a huge downfall will come.

Mike was questioned by the host about what he thinks about the future ups and downs of Bitcoin price. Then Mike said that Bitcoin will show a significant correlation with Nasdaq.

“Crypto is very correlated to the Nasdaq my opinion is that over time that correlation will break down. We’ve already seen the beta of the breakdown. The Nasdaq falls 3%, and crypto falls 9%. But I do think there’s more pain to come.”

American investors also predicted that Nasdaq could be at 12,000 and after that, it will be at 10,500. 

He said:

“With the Nasdaq, we could be at 12,000, and then it will bounce and then in a couple of weeks we could be at 10,500.”

At present, Nasdaq is standing at 11,807. So now according to Mike Nasdaq may face a downfall of around 10%, which means Bitcoin may face a 30% maximum downfall. However, this strategy of calculation is very rough but still, it will be an opportunity to see Bitcoin at this price. 

Mike also asserted to see the current situation, that we are not in that Covid pandemic phase, so here we need something new to move forward with huge inflow. 

Bitcoin Price action

The current price of Bitcoin is $32,930 and this price is 6% down over the last 24 hours. 

Mike Novogratz Says more pain will come for the crypto market 6

This downfall is continuously taking place after the announcement of a 0.5% hike in the interest rate by the US Federal Reserve. 

Read also: Bitcoin network trade surging despite the market crash: 7 month ATH

Mike Novogratz Says more pain will come for the crypto market

 

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