Financial advisory firm deVere Group CEO Nigel Green is optimistic that the crypto bear market is months away from coming to an end.
According to Green, the assets that depreciated following the rate hikes such as cryptocurrencies could start rallying in April 2023.
“Assets that most benefitted from low-interest rates were, naturally, hit hardest in 2022 by the hikes. These include stocks, especially in the tech sector, and cryptocurrencies, among other risk assets.
We expect as the program unwinds, which is likely to be in the second quarter of 2023, these will be the assets that will experience some of the biggest rallies.
Although the high-octane rush of previous rallies is unlikely, instead we will see a steadier, continued upward trajectory for Bitcoin when the unwind kicks off.”
Arguing that “confidence is creeping back into the markets,” Green says that the current price of Bitcoin is attractive to long-term investors.
“Many serious, long-term investors will be using the current lower valuations as a buying opportunity…
One good thing about the hikes has been that as the sugar rush of free money faded away, we could see the real value of assets.
Despite coming down 70% from its hype and heat-fuelled November 2021 high, Bitcoin remains the best-performing asset class of the decade.”
Bitcoin is trading at $16,632 at time of writing.Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
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