Founder of Galaxy Digital: Bitcoin's price is gradually solid, and there is no doubt a bull market in 2019

According to Cointelegraph, on August 29th, although the price of Bitcoin fell below $10,000 again, industry investor Mike Novogratz said there is no reason to doubt the bull market in 2019.

Bitcoin-crypto-currency-currency-money (Source: nicepik )

Novogratz: Bitcoin has gone up a lot

On August 29th, the founder of commercial bank Galaxy Digital said on Bloomberg Television that despite the sideways trend of bitcoin this week, Bitcoin still rose more than 200% this year.

Bitcoin differs from the altcoin market in that it has a wider investor base.

Novogratz said:

At the beginning of this year, the price of bitcoin was $3,800, and now it is $10,200, which has more than doubled. It has experienced a huge rise, and I think the current trend is to consolidate its price.

The agency "is lining up to enter the market"

Just a few hours after Novogratz made the above remarks, the Bitcoin market suddenly fell and fell by $500 in just a few minutes.

Although there is no single factor that can trigger a huge shift in market sentiment, this has happened many times in recent months. As Cointelegraph has previously reported, margin trading is considered to be a major factor in the sudden change in BTC/USD prices.

As of press time, the average price of Bitcoin was slightly higher than $9,400, a decrease of 6.3%.

However, for Novogratz, the influx of institutions into the bitcoin market will help Bitcoin enter the next bull market.

He continued:

Those who make long-term decisions are making sure they can do bitcoin custodial services and they are queuing for admission.

Novogratz was known for predicting a permanent bull market for Bitcoin. In August of this year, he said that the global macroeconomic turmoil will become a favorable factor in promoting the price increase of Bitcoin in the future. And a month ago, he promised not to sell Bitcoin at a price below $14,000.