Galaxy Digital CEO Mike Novogratz said that Bitcoin value will find support at the level of $ 38,000.
Novogratz believes it’s just a healthy correction after the big rally in 2021.
The famous billionaire says that despite the drop in price, he is not worried about the performance of the leading crypto asset in the medium term due to institutional demand.
Galaxy Digital CEO predicts more volatility in the coming weeks.
Novogratz recently said that Bitcoin is in a downtrend, but said it is unlikely to drop below the $40,000 level.
Will Bitcoin Miners Leave Kazakhstan?
If Bitcoin’s hash rate drops, it remains a question mark what its value will be. Major protests in Kazakhstan, where Bitcoin miners show up intensely, may cause mining activities to get into trouble and then search for a new location.
As it will be remembered, due to the Chinese pressure, there was a great decrease in the hash rate and a great decrease was observed in the price of the asset.
Bitcoin is trading at $43,408 at the time of writing, according to CoinMarketCap data.