Bitcoin (CCC:BTC-USD) is taking a beating in a crypto crash and we’re taking a look at the bottom price prediction for the digital asset.
Michael Novogratz, a well-known cryptocurrency investor, is weighing in on the crash today with his bottom prediction for Bitcoin. According to him, crypto traders should see BTC drop to between $38,000 and $40,000 per token thanks to the recent crash.
Bitcoin isn’t there quite yet. While the crypto is down 7.4% over the last 24 hours, it’s still sitting at around $43,000. That means there’s still a little bit of room left before traders will see the bottom. When they do, it might not be a bad idea to load of on some BTC.
While the recent news of the Federal Reserve doing more to combat inflation is taking the wind out of BTC’s sails, that won’t last forever. Novogratz says that this won’t crush crypto, but will only slow it down. He still expects the digital asset to make a comeback, reports Seeking Alpha.
Even so, investors will want to keep an eye on what the Fed has planned for the future. That includes raising interest rates, as well as cutting back its balance sheet, and reducing stimulus to the U.S. economy. You can find out all about that and how it’s affecting crypto and other markets at this link.
Investors that are looking for more hot crypto stock news for Thursday are in luck!
We’ve got all the most recent news that traders need to know about today. A few examples include Ethereum (CCC:ETH-USD) price predictions following today’s crash, Marathon Digital (NASDAQ:MARA) weathering the storm, as well as an update on Algorand (CCC:ALGO-USD). You can find out all about these matters, and more, by checking out the links below!
More Stock Market News for Thursday
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.