The CEO of Devere Group, a financial advisory and asset management firm, predicts a bullish and significant jump in bitcoin prices in the fourth quarter of this year.
Devere CEO Predicts Bitcoin Bull Run in Q4
Financial advisor and asset management firm Devere Group predicts that bitcoin’s price will make a big jump in the fourth quarter of this year, Devere’s founder and CEO Nigel Green said early last week.
I believe we will soon see a bull run that will see the world’s leading digital currency bounce significantly in the fourth quarter of this year.
Debe’s boss explained. “Bitcoin is now highly correlated with the world’s major equity markets, including Wall Street’s S&P500, the P500, and we believe the recent market decline is near the bottom and a rally is imminent.”
The CEO added,
Bitcoin will benefit from the stock market rally as investors return to riskier assets.
Green explained that one of the key factors driving bitcoin’s rise is that investors are usingBTCas a hedge against high inflation; BTC
Many, including renowned hedge fund manager Paul Tudor Jones and venture capitalist Tim Draper, believe that cryptocurrencies are a good hedge against inflation.
Another factor noted by Chief DeVere is that bitcoin is increasingly seen as an alternative currency to fiat money. Veteran investor Bill Miller previously explained that the Russian-Ukrainian war and subsequent sanctions against Russia have caused people to think about having an alternative currency to the US dollar.
“The U.S. government began enthusiastically adding digital dollars during the pandemic, diluting their value but adding to the long-term prospects of bitcoin,” Green noted, emphasizing:
Investors are beginning to see bitcoin as an alternative to the dollar.
Green further stated that his predicted bitcoin bull run will be “supported by increased investment from major institutional investors who bring capital, expertise, and reputation pull. “In an April survey, 80% of institutional investors believe crypto will overtake traditional investments, 70% said crypto is a reliable investment, and 68% said they actively recommend this asset class in their investment strategies.
Finally, CEO Devere noted that key regulators are trying to establish a regulatory framework for crypto. He opined.
regulation is inevitable, but it will give both retail and institutional investors more protection and therefore more confidence.
Green’s prediction came a few days before the weekend market slump. At the time of this writing,. the BTCis trading at $27,748.30. It has fallen 2.5% in the past 24 hours, over 7% in the past 7 days, and about 26% in the past year.
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