The CEO of financial advisory firm deVere Group says Bitcoin (BTC) will rally within the year as the crypto market downturn approaches a bottom.
In a new company blog post, Nigel Green says Bitcoin is on track to see a significant bounce by the last quarter of 2022 after the flagship crypto asset broke its longest weekly losing streak in history.
“The price recovery has started, probably much to the chagrin of crypto cynics and Bitcoin bashers. 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.”
Nigel explains why he thinks that the price of BTC will soon recover.
“One good indicator that the bottom is near is that tracking services reveal that ‘insiders’ are on a buying spree. They’re taking advantage of reasonable valuations to top-up stakes in quality companies in order to create and grow wealth in the longer term. Bitcoin will benefit from a stock market rally as investors move back into riskier assets.”
Nigel also thinks Bitcoin will rise again because investors see the crypto asset as a viable store of value and a hedge against inflation.
“In addition, investors are increasingly seeing Bitcoin as an alternative to the dollar. The US government started feverishly adding digital dollars to its economy during the pandemic, diluting its value, but adding to the long-term prospects of Bitcoin.”
Nigel says Bitcoin will be flying by the end of the year and the rally will be supported by investments from major institutional investors.
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inboxFeatured Image: Shutterstock/Joy Chakma