Crypto Stories

Billionaire Mike Novogratz Just Issued A Bearish Warning For Crypto, Here’s Why

By Gitumani Talukdar
Published January 19, 2022 Updated February 2, 2022

According to crypto billionaire Mike Novogratz, Bitcoin might descend even lower before gaining validity. Recently, Mike Novogratz – Galaxy Digital CEO tweeted issuing a bearish warning about cryptocurrencies and the Nasdaq Composite stock market catalog. Mike Novogratz claims that crypto is expected to stay under pressure until the rates continue to surge.

This Tuesday, Bitcoin remained under red alert, drenching into the full-time low of $41,650.The flagship crypto is trading in a row with the U.S. stock market. While you’re reading this line, the S&P 500 falls by 1.7% & the Dow falls by 1.6%.

Reimbursement is seen to be the primary reprobate behind the current stock market correction. 10-year Treasury note supply outstretched a two-year peak of 1.857%. Mike Novogratz declared, “For me, 2% is likeliest an ideal target.” One can therefore expect more downside for cryptocurrencies in the future. U.Today read data that says that Novogratz predicts Bitcoin is going to underperform in early 2022.

The main reason behind his prediction is ‘stock market weakness’.

Mike Novogratz: BTC expected to Crash

Lately, Mike Novogratz predicted that the one among most popular crypto – Bitcoin would bottom out at the $38,000 level. In a conversation with CNBC, Novogratz said,

“crypto’s up-to-the-minute move down has been on low volume.” He added, “I can see a prodigious amount of institutional demand on the sidelines.” 

Having said that, Mike himself didn’t walk off-track of his passion for digital assets. This is relevant because just a week ago, Mike Novogratz got a tattoo triggered by the coin Terra ($LUNA), after investing in a Bitcoin one in December 2020. Eying onto all these, the market is expected to be volatile over the late half of January 2022. The benchmark crypto is down more than 9% in 2022.