Billionaire Mike Novogratz is predicting Ethereum (ETH) is near the bottom after its successful merge upgrade earlier this month.

In a new CNBC interview, the CEO of Galaxy Digital praises the Ethereum merge and makes a bottom price prediction, while also ruling out a “catastrophic fall” in the price of Bitcoin (BTC).

“Ethereum has had a pretty big move down. We had the merge. The merge was an amazing accomplishment in lots of ways, right? It shows that a decentralized community can accomplish something that’s really complicated. And so I think we’ll look back on that as something really significant. You know, Ethereum had gone from $1,000 to $2,000. And so now you’ve had a real big pullback. It feels like $1,250 should be the bottom here and so I think you’re closer to the bottom than the top.”

Novogratz says the growing interest of institutions is going to keep the price of Bitcoin from falling dramatically.

“There’s a put in Bitcoin somewhere because you just see these institutions all getting engaged slowly. And so when I see this adoption when I see BlackRock doing a deal with Coinbase and their own fund… you just know people are coming to buy and so, you know, could Bitcoin go lower? Of course, it could but I don’t think there’s a catastrophic fall.”

Novogratz acknowledges there is a correlation between cryptocurrency prices and the U.S. Federal Reserve’s decision to raise interest rate hikes to draw down inflation. He says he would remain “neutral” on cryptocurrency prices until there is a shift in that strategy.

“You’d be more neutral here and you’d be waiting to see the Fed pivot. And then I think you are going to see a big, big rally in crypto.”

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