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The CEO of Devere Group, a financial advisory and asset management firm, has predicted a bull run and a significant rise in the price of bitcoin during the fourth quarter of this year.
Financial advisory and asset management firm Devere Group have predicted that the price of bitcoin will bounce significantly in the fourth quarter of this year. Nigel Green, Devere’s founder and CEO, said early last week:
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.
The Devere chief explained: “Bitcoin is currently strongly correlated with leading global stock markets, such as the Wall Street S & P500, and I’m sure the recent market downturn is near the bottom and a rally is imminent.”
The CEO added:
Bitcoin will benefit from a stock market rise as investors move back to more risky assets.
Green explained that one of the key factors that will drive the bitcoin rally is that investors use BTC as a hedge against high inflation.
Many people, including the well-known hedge fund manager Paul Tudor Jones and the venture capitalist Tim Draper, believe that the cryptocurrency is a good hedge against inflation.
Another factor the Devere chief noted was that bitcoin is increasingly seen as an alternative to fiat currencies. Veteran investor Bill Miller has previously explained that the Russia-Ukraine war and subsequent sanctions against Russia have made people think of having an alternative currency to the US dollar.
“The US government frantically began adding digital dollars to its economy during the pandemic, diluting the value, but contributing to the long-term outlook for bitcoin,” Green noted, emphasizing:
Investors are increasingly seeing bitcoin as an alternative to the dollar.
Green further said that his predicted bitcoin bull run will be “supported by the growing investment of large institutional investors, bringing with it capital, expertise and reputation.” A survey from April shows that 80% of institutional investors believe that crypto will surpass traditional investments, 70% said that crypto was a reliable investment, and 68% said that they actively recommend this asset class in investment strategies.
Finally, Devere’s CEO pointed out that major regulators want to establish a regulatory framework for crypto. He meant:
Regulation, which I believe is inevitable, will provide more protection and thus more confidence to both private and institutional investors.
Green’s prediction came just days before the weekend’s market downturn. 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% in the last year.
What do you think of the prediction of Devere boss Nigel Green? Let us know in the comments section below.
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