CEO of the company DeVere Group predicts that Bitcoin will rise sharply before the end of the year.
Despite the collapse in prices for Bitcoin and other cryptographic assets, Nigel Green, CEO of independent financial advisory firm DeVere Group, says Bitcoin will recover before the end of the year and a “significant bounce” will come in the fourth quarter.
Nigel Green submitted his comments a blog post before Bitcoin dropped below $ 24,000. At the time, $ BTC was trading at just under $ 30,000, cutting off one of its longer weekly loss tubes.
Green said Bitcoin investors “have reason to be happy” about the future of the flagship cryptocurrency and that a price recovery is likely in sight.
I believe we will soon see a bull run leading to a significant rise in the world’s leading digital currency in the last quarter of the year.
Green went on to argue that Bitcoin has become overly correlated with leading global stock market indices, including the S&P 500. He revealed that tracking services showed “insiders” were on a buying journey, providing a good indicator that $ BTC was close to its price base. He explained that these insiders took advantage of the Bitcoin price reduction, which is now a “more reasonable appreciation” for companies looking to increase their assets in the long run.
Green also predicted that Bitcoin would benefit from a stock market rally as investors regain their appetite for riskier assets.
h/t – CryptoGlobe