Michael Novogratz, CEO and founder of crypto bank Galaxy Digital, believes the two largest cryptocurrencies by market cap are already near the "bottom," unlike traditional US financial market assets, Bloomberg has reported.
He has said during a conference organized by Morgan Stanley:
"Ethereum should hold around $1,000 and it is $1,200 right now. Bitcoin is around $20,000, $21,000 and it is $23,000, so you are much closer to the bottom in crypto than you are where I think, stocks, are going to have another 15% to 20%."
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The "barometer of the US economy," the S&P 500 index, fell 22% from its highs in early January. The prices of Bitcoin and Ethereum fell from record highs by 67.6% and 74.9%, respectively.
Novogratz has added:
"Until I see the Fed flinch, until I really think, OK the economy is so bad, and the Fed is going to have to stop hiking and even think about cutting, I don’t think it is time to really deploy lots of capital."
Novogratz predicted early last month a drop in Bitcoin and Ethereum prices below the $30,000 and $2,000 levels, respectively.