Billionaire Mike Novogratz updates his outlook on the cryptocurrency markets as Bitcoin hits $21,000

The CEO of Galaxy Digital says that the top cryptocurrency by market capitalization, Bitcoin (BTC) could fall as digital asset companies continue to discount.

in new an interview With CNBC’s Squawk Box, Mike Novogratz says that while he does not expect BTC to drop to the $13,000 price level, he does believe it will fall further.

“It’s a story as old as time, and when the tide went out, what we saw was a lot of excessive leverage in centralized crypto companies, ironically not in blockchain companies. Guys like Celsius, Three Arrows, and BlockFi, who just had no clout. Believe.

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We’ve seen a lot now [companies] You declare bankruptcy, and you have this massive debt reduction. I think most of this foreclosure is out of order.

Novogratz says BTC could drop before new capital enters space, causing it to go up.

“Can we go down any further? Of course we can. We seem to be 90% thanks to this deleveraging. The problem, of course, is that in order to go much higher, you need to capture the narrative, and you need fresh capital to enter.”

my instinct [that] It will be choppy sideways for a while until the Fed backs off and we either get the macro story or the damage is undo.

Bitcoin is trading at $20,873 at the time of writing, an increase of 4% from today.

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