Buy The Dip In Crypto? Mike Novogratz Thinks So

Mike Novogratz, CEO of Galaxy Digital Holdings Ltd BRPHF, reaffirmed his long-term belief in Bitcoin (CRYPTO: $BTC) and Ethereum (CRYPTO:$ETH) amid the recent pullback on CNBC's "Squawk On The Street," which aired Tuesday.

When markets get ahead of themselves, it is natural for them to correct, Novogratz said, adding that Bitcoin is still up 55% year-to-date, while Ethereum is up 240% year-to-date. 

Nothing has changed in the institutional adoption story, he said. 

Novogratz expects the $40,000 level on Bitcoin to act as support for the cryptocurrency, he noted, adding that he would be a buyer at price.

The Galaxy CEO told CNBC he expects Bitcoin to trade in the $40,000 to $55,000 range "for a while" before it begins moving higher again. 

Bitcoin has a solidified position and will remain a store of value, while Ethereum "probably has the best chance of winning" in terms of the "decentralized web," he said.

"Bitcoin and the crypto ecosystem is an important part of the future of finance," Novogratz said. 

Related Link: Elon Musk's Mood Swings Split Bitcoin Market Into Paper Hands And Diamond Hands, Shows On-Chain Data

Price Actions: Bitcoin is down 21.69% over a 5-day period.

Ethereum is down 16.26% over a 5-day period. 

(Photo by QuoteInspector.com from Flickr.)