Bitcoin in good shape as long as BTC price stays above $40K
The veteran Bitcoin bull says he’s not “nervous” about crypto on the back of the institutional investor demand he has witnessed. Bitcoin (BTC) won’t be making Galaxy Digital CEO Mike Novogratz “nervous” unless it dips below $40,000. In an interview with CNBC on Sept. 21, the infamously bullish investor calmed fears about the latest sell-off across cryptocurrency.
Novogratz on institutions: “I see nothing but engagement and activity”
Despite the macro environment wobbling over China and Bitcoin shedding up to 10% this week, there are few bearish voices among well-known crypto industry commentators. Novogratz is no different, arguing that the price drop was more so a healthy corrective move for a market that had spent several months in “up-only” mode.
“I think the market got itself a little too long — the China news scared people,” he said, also noting concerns over United States regulatory activity. For the short term, “very important levels to watch” are $40,000 for Bitcoin and $2,800 for Ethereum's coin, Ether (ETH). “As long as those hold, I think the market’s in good shape,” he continued. Looking beyond market action, however, the underlying demand from institutional investors has remained untouched. “I see nothing but engagement and activity from our investing clients and our corporate clients,” Novogratz added, concluding that he is not nervous about crypto.
Dalio joins Bitcoin “value” debate
Other institutional voices have meanwhile been more tame in recent days. In a similar media appearance, Ray Dalio of Bridgewater Associates stressed that Bitcoin has a “perceived” rather than intrinsic value, despite being an investor himself. Regulation, he warned, could still “kill” the cryptocurrency’s fortunes, likewise pointing to the United States. Dalio has nonetheless softened his stance on Bitcoin considerably since he first began mentioning it in public and making an allocation.
“We can get into philosophical debates about what value is,” Novogratz said about Bitcoin’s true worth. “A Matisse painting can run $100 million because a small amount of people decide they’re worth $100 million. Over 150 million people around the world that have decided Bitcoin is worth something. That’s enough for me.”
Top Cryptocurrencies with Price Predictions
| # | Crypto | Prediction | Accuracy | CVIX | Price | 24h | 7d | Market Cap | 7d price change | |
| 1 |  BTC |
Bitcoin predictions | 64% | 76 | $23 414.18 | -0.57% | 1.32% | $451 444 140 453 |  |
|
|---|---|---|---|---|---|---|---|---|---|---|
| 2 |  ETH |
Ethereum predictions | 65.6% | 64 | $1 660.60 | 0.87% | 3.91% | $203 213 799 353 |  |
|
| 3 |  USDT |
Tether predictions | 96% | 1 | $1.000139 | 0% | 0% | $68 038 057 989 |  |
|
| 4 |  BNB |
Binance Coin predictions | 81.2% | 39 | $332.21 | 2.49% | 7.92% | $52 455 756 881 |  |
|
| 5 |  USDC |
USD Coin predictions | 95.2% | 1 | $0.999870 | -0.01% | -0.02% | $41 954 575 977 |  |
|
| 6 |  XRP |
XRP predictions | 76.4% | 51 | $0.410035 | 0.05% | -0.66% | $20 829 395 994 |  |
|
| 7 |  BUSD |
Binance USD predictions | 92.4% | 1 | $1.000093 | 0.02% | 0% | $16 273 786 064 |  |
|
| 8 |  ADA |
Cardano predictions | 69.2% | 69 | $0.401700 | 0.32% | 2.18% | $13 898 855 921 |  |
|
| 9 |  DOGE |
Dogecoin predictions | 74% | 48 | $0.093742 | 2.62% | 6.67% | $12 436 791 556 |  |
|
| 10 |  MATIC |
Polygon predictions | 68% | 64 | $1.23 | 4.02% | 7.27% | $10 780 259 861 |  |
|
| 11 |  STETH |
Lido stETH predictions | 96% | 1 | $2 941.39 | -0.40% | -3.32% | $10 258 752 564 |  |
|
| 12 |  SOL |
Solana predictions | 61.6% | 88 | $24.55 | 0.87% | -0.41% | $9 145 525 743 |  |
|
| 13 |  DOT |
Polkadot predictions | 64% | 74 | $6.94 | 5.67% | 5.23% | $8 000 392 092 |  |
|
| 14 |  SHIB |
SHIBA INU predictions | 64% | 79 | $0.000014 | 14.51% | 18.56% | $7 679 941 030 |  |
|
| 15 |  LTC |
Litecoin predictions | 76.8% | 38 | $100.23 | 0.95% | 13.08% | $7 236 835 830 |  |
