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It seems that the feeling of pessimism towards the bitcoin pricing tends to follow the behavior of the price in the coming weeks. According to billionaire Mike Novogratz, the price of the leading cryptoasset could retreat as much as US$ 38,000.

Founder of Galaxy Digital Holdings, Novogratz foresees a lot of price volatility in the coming weeks and said he is waiting for that opportunity to buy bitcoin again.

Since it last hit an all-time high in November 2021, the bitcoin price has plummeted more than 35 percent.

Before presenting the US$ 38,000 figure as support, Novogratz published another forecast with the bitcoin price finding support at US$ 42,000, now revised downgrading his expectation to as low as US$ 38,000 in a scenario of more volatility and devaluation.

In addition to bitcoin, Novogratz invests in altcoins such as Terra (LUNA). In a post on Twitter, the famous cryptoasset investor declared that he is a “lunatic”, and got a tattoo in honor of the altcoin.

Although he is momentarily pessimistic, Novogratz does not disregard a cryptoasset recovery in the medium term. In an interview with CNBC, he cited that by 2022 BTC could benefit from the deterioration of fiat currencies and financial market uncertainties.