The CEO of Devere Group, a financial advisory and asset management firm, predicted a bull run and a significant rebound in bitcoin price during the fourth quarter of this year.
Devere CEO Predicts Fourth Quarter Bull Run For Bitcoin
Financial advisory and asset management firm Devere Group has predicted that the price of bitcoin will rebound significantly in the fourth quarter of this year. Nigel Green, Founder and CEO of Devere, said at the beginning of last week:
I think we will soon see a bull run that will lead to a significant rebound in the fourth quarter of the year for the world’s leading digital currency.
The Devere boss explained, “Bitcoin is currently highly correlated to major global equity markets, such as Wall Street’s S&P500, and I am confident that the recent market downturn is near bottom and a rally is imminent.
The CEO added:
Bitcoin will benefit from a stock market rally as disadvantaged investors shift to riskier assets.
Green explained that one of the key factors driving bitcoin’s rally is that investors are using BTC as a hedge against high inflation.
Many people, including famous hedge fund manager Paul Tudor Jones and venture capitalist Tim Draper, believe that cryptocurrency is a good hedge against inflation.
Another factor noted 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 got people thinking about 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 adding to bitcoin’s long-term prospects,” Green noted, defined:
Investors increasingly see bitcoin as an alternative to the dollar.
Green further stated that his predicted bitcoin bull run will be “supported by growing investment from mainstream institutional investors, who have brought with them capital, expertise and reputation.” April survey shows 80% of institutional investors think crypto outperforms industrial investments, 70% said crypto is a trustworthy investment, and 68% said they recommend supplementing this asset class in investment strategies.
Finally, the CEO of Devere pointed out that major regulators are looking to establish a regulatory framework for crypto. He 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 prediction came just days before the weekend market slowdown. At the time of writing, BTC is trading at $27,748.30. It’s fallen 2.5% in the past 24 hours, more than 7% in the past seven days, and almost 26% in the past year.
What do you think of Devere CEO Nigel Green’s prediction? Let us know in the comments section below.
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