$1 Million Bitcoin Price Bet Proposed by Mike Novogratz

, Novogratz predicted that the price of Bitcoin would find a bottom near the $38,000 support level, but he then cautioned investors that the market would remain under pressure due to rising bond yields.

The bellwether cryptocurrency crashed to $34,000, the lowest price point since late July amid a relentless sell-off. Last February, Novogratz predicted that the top cryptocurrency would surpass the $100,000 mark in 2021, but Bitcoin peaked at $69,000 in early November before making a bearish turn. Out-of-control inflation prompted the U.S. Federal Reserve to adopt a hawkish stance, which is believed to be the main reason why bears are in the driver’s seat right now.Finally feeling vindicated, Schiff has been tweeting non-stop about Bitcoin and the broader cryptocurrency market as of recently. He’s not the only permabear who’s gloating over the cryptocurrency crash.recently tweeted that a falling price actually makes Bitcoin more expensive and less desirable.

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