The chief executive officer of deVere Group is predicting that Bitcoin will have a strong rally before the end of the year.
Despite plummeting prices for Bitcoin and other cryptoassets, Nigel Green, the CEO of independent financial advisory firm deVere Group, says that Bitcoin will rebound before the end of the year with a “significant bounce” coming in the fourth quarter.
Nigel Green made his comments in a blog post preceding Bitcoin’s fall to below $24,000. At the time, $BTC was trading just under $30K, snapping one of its longer-ever weekly losing streaks.
Green said that Bitcoin investors “have reason to be cheerful” about the future of the flagship cryptocurrency and that the price recovery is likely in sight.
He said:
I believe that we’ll soon see a bull run that will lead to a significant bounce in the fourth quarter of the year for the world’s leading digital currency.
Green continued, arguing that Bitcoin has become too correlated with leading global stock market indices, including the S&P 500. He revealed that tracking services showed “insiders” were on a buying spree, giving a good indicator that $BTC was nearing its price bottom. He explained that these insiders were taking advantage of the discount in price for Bitcoin, which is now a more “reasonable valuation” for companies looking to grow their wealth in the long term.
Green also predicted that Bitcoin would benefit from a rally in the stock market, when investors regain their appetite for riskier assets.
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