The CEO of Devere Group, a financial advisory and asset management company, predicted a bullish run and a significant rise in the price of bitcoin during the fourth quarter of this year.
Devere CEO predicts fourth Bull Run for Bitcoin
Financial advice and asset management firm Devere Group has forecast that the price of bitcoin will rise significantly in the fourth quarter of this year. Nigel Green, founder and CEO of Devere, said earlier last week:
I think we will soon see a bullish run that will bring a major upturn in the fourth quarter of the year for the world’s leading digital currency.
Head of Devere explained: “Bitcoin is currently highly correlated with major global stock markets, such as the Wall Street S & P500, and I’m sure the recent market crash is near the bottom and a rebound is imminent.”
The CEO added:
Bitcoin will benefit from a stock market rebound as investors return to riskier assets.
Green explained that one of the key factors driving bitcoin’s recovery is that investors use BTC as a hedge against high inflation.
Many people, including famed hedge fund manager Paul Tudor Jones and venture capitalist Tim Draper, believe that cryptocurrency is a good hedge against inflation.
Another factor pointed out by Chief Devere is that bitcoin is increasingly seen as an alternative to fiat currencies. Veteran investor Bill Miller previously explained that the Russian-Ukrainian war and subsequent sanctions against Russia made people think of an alternative currency to the US dollar.
“The US government began feverishly adding digital dollars to its economy during the pandemic, diluting its value but increasing bitcoin’s long-term prospects,” Green said.
Investors are increasingly seeing bitcoin as an alternative to the dollar.
Green further stated that his projected upward bitcoin career “will be supported by a growing investment from major institutional investors, who bring capital, experience and reputation.” An April poll shows that 80% of institutional investors believe that cryptography will outperform traditional investments, 70% said that cryptography is a reliable investment and 68% said that they actively recommend the asset class in strategies. investment.
Finally, the CEO of Devere noted that major regulators are seeking to establish a regulatory framework for cryptography. It issued the following opinion:
Regulation, which seems inevitable to me, would give more protection and therefore more confidence to both retail and institutional investors.
Green’s forecast came just days before the weekend’s market slowdown. At the time of writing, BTC is trading at $ 27,748.30. It has fallen 2.5% in the last 24 hours, more than 7% in the last seven days and almost 26% last year.
What do you think of Devere CEO Nigel Green’s prediction? Let us know in the comments section below.
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