Mike Novogratz, a major cryptocurrency investor, told CNBC on Wednesday that the breakdown in bitcoin won’t be fixed quickly.

The Galaxy Digital founder said on “Squawk Box” that bitcoin’s morning plunge feels like capitulation.

Novogratz also called it a “liquidation event,” as bitcoin overnight fell below $40,000 for the first time in 14 weeks and then dropped to near $32,000 later in the morning. That’s a decline of about 50% decline from last month’s all-time high near $65,000.

“Humpty Dumpty never gets put back together in two days … when he cracks. It’s going to take a while. The market will consolidate. It will find a bottom somewhere. I’m hoping its close to here,” Novogratz said.

Asked Tuesday about what level he saw as a buying opportunity for bitcoin, Novogratz said, “I would stack at $40,000.”