According to Nigel Green – CEO and founder of deVere Group – investors should expect a “significant downturn” in bitcoin’s USD value in Q4, 2022. In his view, the primary cryptocurrency is strongly correlated with global stock markets, and the decline for all is close the end.
“We will soon see an ox run”
In a recent statement, Green stated that there are good indicators that the bottom for bitcoin is close as “tracking services reveal that” insiders “are on the buy.” In his view, many people have taken advantage of the current situation, increasing cryptocurrency holdings at lower prices so that they can “increase wealth in the long run.”
DeVere Group leader believes investors will shift focus to more risky assets in the near future, including bitcoin:
“I think we will soon see a bull run that will lead to a significant setback in the fourth quarter of this year for the world’s leading digital currency.”
Nigel Green, Source: SCMP
Another reason why BTC may be close to recovery is that many individuals may choose it as a hedge against galloping inflation. Considered by many to be digital gold, the asset has a maximum access of 21 million coins that have ever existed and are readily available.
The movement is widespread in countries where inflation reached record levels. Turks, Brazilians and Nigerians are some examples.
Green also predicted that bitcoin will capture the attention of major financial institution investors who “bring with them capital, expertise and reputation.”
Last but not least, management expects global watchdogs to introduce comprehensive regulations in the crypto sector in the coming months. Thus, investors will have extra security when trading with the asset class:
“Regulation, which I believe is inevitable, will provide more protection and thus more confidence to both private and institutional investors.”
Green’s previous forecasts
It is worth mentioning that deVere Group’s CEO has been quite accurate in his predictions about the price of bitcoin. In early March this year, he envisioned that the military conflict between Russia and Ukraine could increase BTC’s valuation to $ 50,000 by the end of the month. The asset was very close to reaching that level, registering nearly $ 48K on March 29th.
In April 2021, he predicted that the cryptocurrency would “hit or even surpass” a new record high by the end of 2021. In November last year, it rose to almost $ 70,000.
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