Galaxy Digital CEO and Bitcoin bull, Mike Novogratz has made several headlines in the past for predicting Bitcoin price to reach figures that even some in the industry believe will take several years to achieve.
In a recent interview with CNBC, however, Novogratz had a different call to make, this time on how low the cryptocurrency can go from here.
He had this to say when asked on whether the Bitcoin price will ever go back to $5,000.
I don’t think so. If it goes below $8,500, I will get nervous. If it goes below $6,000 I will get really nervous.
On the upside, though, Novogratz, as Coinfomania reported last week, predicts that the cryptocurrency would end the year above the $20,000 mark with more institutional investors already getting involved.
It would be vital to mention at this point that Novogratz is putting his mouth where his money is, having told CNBC in the same interview that his crypto holdings are significantly more than his gold investment which consists of 7% of his portfolio.
Bitcoin price, as like any other asset, remains historically volatile as shown by the bull market of 2017, the bear market of 2018 and the mini-bull market witnessed this year.
With that in mind, investors may likely agree that it may be a bit too early to say “never” to a $5000 Bitcoin price both in the short and long term.