Mike Novogratz: Bitcoin is a Strongman!

According to Novogratz, the current cryptocurrency price fluctuations are in no way similar to the 2017 scenario

After the fall in the price of bitcoin from 40 thousand dollars to 30.5 thousand, a tense expectation hung in the cryptosphere. Nobody dared to make a prediction. However, the cryptocurrency showed growth again.

Analyzing the statistics, Mike Novogatz, founder of Galaxy Digital and owner of the fifth largest fortune in cryptocurrency, explained why he does not consider the current correction to be an ominous sign. He is not intimidated by the massive liquidation on futures exchanges worth over $3 billion.

According to him, the cryptocurrency market is now overbought. It was overbought earlier and it is easy to see on the charts. Despite the fall in value, bitcoin adoption has skyrocketed in recent months. More and more people are learning about cryptocurrencies, and the current price adjustment will not be able to stop this process.

There are still institutions waiting to buy, he said. Among them are institutional investors - brokers, asset management companies, large institutions that "have not yet filled their coffers and continue to buy."

Therefore, the position of bitcoin as a solid asset remains unchanged. This is just temporary and the $30K position should be held.