The broader cryptocurrency market has been in a bearish trend since last month, with the price of Bitcoin falling by more than 20% over that period.

The leading cryptocurrency has had a below-average performance in recent weeks. Bitcoin hit a new all-time high of over $69,000 a month ago. However, since then it has developed poorly and lost more than 20% of its value during this period.

At the time of writing, Bitcoin is struggling to stay above the $50,000 level and is currently trading at around $49,000 per coin. However, Galaxy Digital CEO and cryptocurrency billionaire Mike Novogratz believes that the leading cryptocurrency will continue to trade above the $ 40,000 mark:

“I think $42,000 should hold, that should be the low point of this movement. It would surprise me if it dropped below $40,000.“

He also commented on the recent slump. He explained that there are too many people who participate in Bitcoin, so it would be hard for the price to fall below the $40,000 mark.

“I think $42,000 should hold, that should be the bottom of this move. It would surprise me if it went below $40,000,” says @Novogratz on #Bitcointhe latest dip $BTC. “There are so many more people participating on it. It’s hard for me to see if going below.” pic.twitter.com/4VuYIw01dF

– Squawk Box (@squawkcnbc) December 8, 2021

Novogratz is one of the most optimistic advocates in the cryptocurrency space. He previously predicted that the total capitalization of the cryptocurrency market would reach $ 20 trillion in the coming years. The total market capitalization reached the mark of $ 3 trillion last month, after BTC and ETH rose to a new all-time high.

Since then, however, it has fallen below the $2.5 trillion mark. Despite the recent slump, market experts believe that Bitcoin will reach the $ 100,000 mark in the coming months. To do this, it would have to increase by at least 100%.

It becomes very unlikely that Bitcoin will reach the $100,000 mark before the end of the year. Ether and other altcoins are also currently underperforming. Ether is struggling to stay above the $4,000 level.

The slump could get bigger in the short term as the broader cryptocurrency market continues to underperform.