Bitcoin price reached the lowest ever levels in the early trading hours hitting the levels around $20,800, plunging more than 12%. Ethereum price also followed the star crypto and also experienced a similar price action but held $1000 levels strongly. Ever since then both the assets somewhat recovered and are currently hovering within a narrow range, maybe waiting for the base to rebound.
In a recent update, the founder of Galaxy Digital, Mike Novogratz sets up the bottoms for both the assets, which are fast approaching!!
Mike Novogratz in a conference, said that ETH prices may not fall below $1000 while BTC could hold $20,000. The CEO believes the crypto market is approaching the bottoms very fast much before the stock markets test their bottoms.
“Ethereum should hold around $1000 and it’s $1,200 right now. Bitcoin is around $20,000, $21,000 and it is $23,000, so you are much closer to the bottom in crypto than you are where I think, stocks, are going to have another 15% to 20% decline” he said.
The crypto space and the stock market, both tumbled hard sometime before which was followed by the FED rolling out the revised interest rates. However, the crypto space was hit hard, which was fueled by the Celsius Network crisis ahead.
Bitcoin price pierced through the crucial support levels at $28,700 and dropped hard to hit the lowest levels at $20,800 in just a couple of hours. As BTC prices held $20,000 strong, ETH prices also rebounded firmly just above $1000 levels.
On the other hand, the S&P 500 Index has dropped hard by more than 20% from its levels since the beginning of 2022. However, the CEO believes it is not the right time to deploy a lot of capital.
“Until I see the FED flinch, until I really think, OK the economy is so bad, and the Fed is going to have to stop hiking and even think about cutting, I don’t think it is time to really deploy lots of capital,”