Novogratz has continued to make claims since as long as I can remember. He'll be considered a shark once one of these targets hit, but that goes for anyone attempting to make a call on the position of the market, or any "bottom" for that matter.

However, if we were to base this level of drop on historical price declines, Bitcoin is close to the point where it's been considered the "lowest lows". In 2011, Bitcoin dropped over 92%, in later years, high 80%, and so on. We are close to that range of retrace.

If anyone is buying right now, I think that it's a good idea to accumulate and hold at this point. Not all at once, of course!