The Bitcoin price (BTC/USD) has seen a small uptick following a largely disappointing Thursday session.
The original cryptocurrency had a lacklustre session yesterday, with its price moving in a tight range below the $3,650 mark. Having opened the session at $3,631.17, the digital coin rose to an intraday high of $3,646.26 in the morning, but then swiftly pulled back to lower levels. The coin tumbled to as low as $3,607.70 in the afternoon and eventually finished the day at $3,616.88.
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BTC has enjoyed some positive price action in the early hours of today’s trading, rising to as high as $3,638.43. After experiencing a couple of minor fluctuations in recent trading, the Bitcoin price is now hovering just above the $3,630 mark.
While Bitcoin is up since the start of the month, mostly thanks to a strong push last Friday, the coin has yet to make a decisive move to escape the ongoing crypto bear market. However, according to Galaxy Digital Holdings founder Mike Novogratz, a catalyst for a new rally could develop within the next 12 months.
In an interview with Bloomberg on Wednesday, Novogratz said that institutional investment should start to flow into the sector as more custody solutions emerge on the scene.
“All the architecture that institutions need to feel comfortable with this is being put in place,” Novogratz said, as quoted by Bloomberg. “You’re going to start to see custody come online,” through the middle of March, he added.
The billionaire investor expects that “over the next six to 12 months” institutions will start putting a small amount of their assets into crypto. This could lift the Bitcoin price to around $8,000, Novogratz, who is one of the most prominent proponents for digital currencies, said.
In today’s trading, the Bitcoin price stood at $3,631.35, as of 10:24 GMT. The digital coin has gained 0.2% in the past 24 hours, according to data from digital currency tracker Coinmarketcap.