I woke up this morning to find that the market was no longer thinking about what it wanted to do, but was instead acting upon it.
Yes, the market is bleeding red and Bitcoin is below the $10k range but according to the biggest bull around, there is no reason to doubt the bull run.
Speaking to Bloomberg this week, the founder of the banking giant Galaxy Digital, Mike Novogratz highlighted that regardless of this week’s sideways trading, Bitcoin was still up over 200 percent.
Unlike the altcoin markets, the flagship cryptocurrency isn’t just in a different league but it’s like it’s playing a different sport and has broadly delivered for investors.
He told the network:
“Bitcoin started the year at $3,800, traded at $3,500 and now it’s at $10,200 and so it’s up 200% odd percent already… It has had a huge run, and so I think this is a bit of consolidation.”
Novogratz’ words come just an hour or so before Bitcoin took the plunge below $10k though.
There doesn’t seem to be a significant reason for the flash crash other than just regular old volatility that Bitcoin is most known for.
For Novogratz, increased entry of institutions into the space will trigger the next phase of the bull market.
“The institutions that are making longer-term decisions are making sure they’ve got custody, making sure their ducks are lined up — and they’re slowly and steadily moving in.”
Before we go any further, it’s worth saying that we aren’t financial investors and this isn’t financial advice. Please do your own research before putting your money in a cryptocurrency and always remember to trade safe!
Novogratz is what is known as a permabull. Earlier in August, he said that international macroeconomic turbulence would fuel favourable price movements in the future but in July, he promised not to sell any more of his holdings below $14k.
It will be interesting to see how Bitcoin continues. For more news on this and other crypto updates, keep it with CryptoDaily!