{"id":16889,"date":"2022-01-21T16:47:01","date_gmt":"2022-01-21T15:47:01","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=16889"},"modified":"2022-01-21T16:47:10","modified_gmt":"2022-01-21T15:47:10","slug":"mike-novogratz-who-predicted-38k-bitcoin-bottom-speaks-on-the-market-outlook","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/mike-novogratz-who-predicted-38k-bitcoin-bottom-speaks-on-the-market-outlook\/","title":{"rendered":"Mike Novogratz Who Predicted $38K Bitcoin Bottom Speaks on the Market Outlook"},"content":{"rendered":"\n
Crypto billionaire and early Bitcoin investor Mike Novogratz<\/a> who predicted $38,000 Bitcoin low, talks market outlook<\/h5>\n\n\n\n
\"Mike
Mike Novogratz Who Predicted $38K Bitcoin Bottom Speaks on the Market Outlook<\/figcaption><\/figure>\n\n\n\n

Mike Novogratz on the Crypto Market Outlook <\/h2>\n\n\n\n

After the recent sell-off, crypto billionaire and early Bitcoin investor Mike Novogratz<\/a> discuss the crypto market outlook. <\/p>\n\n\n\n

As Bitcoin and altcoins pared their gains from the previous day, the cryptocurrency market bowed to broad selling pressure. <\/p>\n\n\n\n

Bitcoin fell to a low of $37,704 before recovering slightly, while Ethereum fell to $2,731. The bulk of crypto assets, particularly those in the top 100, are currently trading in the red, with the majority suffering severe losses.<\/p>\n\n\n\n

2) crypto will have a hard time rallying until stocks find a base. That said, crypto already had a decent sell off and is running into some buying support.<\/p>

Finally, the best traders get good at gallows humor \ud83d\ude02<\/p>\u2014 Mike Novogratz (@novogratz)\u00a0January 20, 2022\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a><\/cite><\/blockquote>\n\n\n\n

As 2022 approaches, the Galaxy Digital<\/a> CEO previously predicted that Bitcoin would hit bottom lows of $38,000 as institutional investors prepare to buy amid a sell-off. In an interview, the crypto billionaire stated that he believes the $38,000 level will be an attractive place to buy for big institutions.<\/p>\n\n\n\n

However, Novogratz believes that crypto has already experienced a significant sell-off and is now encountering some buying support. “Crypto will have a hard time rallying until stocks find a base,” he says, citing one condition on which this could happen: if stocks recover.<\/p>\n\n\n\n

Noting a breakdown in bonds and tens, the crypto billionaire predicted the Nasdaq and crypto would face downside pressure days before rates rose.<\/p>\n\n\n\n

IntotheBlock, an on-chain analytics firm, predicted that the Bitcoin price would be under pressure, stating that “BTC hangs by a thread,” and that the most important support level for Bitcoin is between $38,900 and $40,200. According to IntotheBlock, such a critical demand barrier must hold in order for BTC to avoid a steep correction toward $30,000.<\/p>\n\n\n\n

What comes next?<\/h2>\n\n\n\n

According to IntotheBlock<\/use><\/svg><\/span><\/a>, BTC and ETH have a 0.86 correlation with the Nasdaq 100, implying that this could play a role in Bitcoin's recovery.<\/p>\n\n\n\n

$BTC<\/use><\/svg><\/span><\/a>\u00a0and\u00a0$ETH<\/use><\/svg><\/span><\/a>\u00a0are showing an extremely high correlation to the Nasdaq 100 of 0.86<\/p>

The historical correlation between crypto and traditional assets is important to track to understand how macro markets affect crypto, and how their relationships evolve.\u00a0https:\/\/t.co\/Wx8RxQwatF<\/use><\/svg><\/span><\/a>pic.twitter.com\/Vfkns3daJ1<\/use><\/svg><\/span><\/a><\/p>\u2014 IntoTheBlock (@intotheblock)\u00a0January 20, 2022<\/use><\/svg><\/span><\/a><\/cite><\/blockquote>\n\n\n\n

Alex Kruger<\/use><\/svg><\/span><\/a>, a cryptocurrency trader, and economist points out the cryptocurrency market's link to the stock market. The Nasdaq had previously fallen in lockstep with cryptocurrencies after Netflix reported a 20% drop in earnings.<\/p>\n\n\n\n

“The U.S. open and the activities that follow will determine whether #Bitcoin will be nuking more or bouncing higher,” says crypto analyst Michael van de Poppe.<\/p>\n\n\n\n

At the time of publication, Bitcoin was trading at $38,313 USD.<\/p>\n","protected":false},"excerpt":{"rendered":"

Crypto billionaire and early Bitcoin investor Mike Novogratz who predicted $38,000 Bitcoin low, talks market outlook Mike Novogratz on the Crypto Market Outlook After the recent sell-off, crypto billionaire and early Bitcoin investor Mike Novogratz discuss the crypto market outlook. As Bitcoin and altcoins pared their gains from the previous day, the cryptocurrency market bowed […]<\/p>\n","protected":false},"author":29,"featured_media":16890,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83],"tags":[6721,6720],"class_list":["post-16889","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-btc-news","tag-mike-novogratz-2"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/01\/Mike-Novogratz-Who-Predicted-38K-Bitcoin-Bottom-Speaks-on-the-Market-Outlook.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/16889","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/29"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=16889"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/16889\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/16890"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=16889"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=16889"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=16889"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}