The Bitcoin price (BTC/USD) has seen further losses after dropping below $6,600 on Tuesday.
The original cryptocurrency experienced a solid uptick during the early hours of yesterday’s session, with its price rising to an intraday high of $6,673.59. However, it held only briefly at these levels before pulling back toward the $6,600 mark. Despite its efforts to resist a further decline, Bitcoin eventually dropped below the $6,600 level during the early afternoon trading. The coin finished the session at $6,596.11, slightly lower than its opening level of $6,601.41.
While the early hours of today’s session were rather uneventful, Bitcoin has seen a slight drop in more recent trading. At the time of writing, the Bitcoin price was hovering around $6,550, according to data from digital currency tracker Coinmarketcap.
In an interview with Bloomberg earlier this week, Mike Novogratz, one of the most prominent figures in the crypto investing space, reiterated his forecast that Bitcoin will not break above $10,000 this year.
During the interview Novogratz commented on Fidelity Investments’ recent announcement that it was launching a digital asset unit that would be providing solutions aimed at making crypto assets more accessible to institutional investors. These products will include custody solutions, a cryptocurrency trading execution platform and institutional advising services.
Novogratz expects that if these products start attracting more institutions to the market, Bitcoin could rise to new all-time highs. However, he does not see that happening before the first half of 2019.
“One thing you learn in this process is that everything takes a little longer than you hoped it would,” Novogratz said, as quoted by Bloomberg. “I don’t see us breaking $10,000 by the end of the year.”
In today’s trading, the Bitcoin price stood at $6,550.56, as of 10:19 BST. The coin has lost nearly 1% of its value in the past 24 hours.
For further information on how to buy and trade Bitcoin, see our comprehensive Bitcoin guide.