Bitcoin (BTC) Price To Initiate Fresh Rally in Q4- 2022, Here’s Why

An independent financial advisory firm, deVere Group is branched throughout the world. The Firm is headquartered in Dubai, UAE, and is holding around $10 billion in assets under its management.

Nigel Green, the Founder, and CEO of asset manager deVere Group sees a “significant bounce” in the fourth quarter of 2022. And he further says that the investors are moving toward the riskier assets.

Bitcoin is one of the leading global stocks similar to Street’s S and P 500, seemingly the recent market downfall is very close to the bottom, believing the strict regulations over the crypto can protect investors and boost their confidence as well.

In addition, the CEO of deVere Group has predicted that Bitcoin is upping its longest-ever weekly losing streak by this weekend. The bitcoin market will soon surprise us with the bull run as the price recovery of it has taken place, which will lead to a significant bounce by the year-end.

Nigel Green’s Predictions on the Bitcoin rally

Bitcoin has recently taken up on its price of above $31,500 on Monday, which is up by 6% in the last 24 hours. Over the last seven days, the price limped up by 1.5% to end a weekly losing streak that continued for almost two long months.

In the month of March Bitcoin has tanked by 40% which is almost $48,000. And currently, the Largest crypto Bitcoin was found at the place of $31,300 after the wild swing by hitting a record high of $69,000 on Nov.10. Meanwhile, the stablecoin collapse has also added salt to the injury of the Bitcoin crash.

Adding to this he stated that:

“One good indicator that the bottom is near is that tracking services reveal that ‘insiders’ are on a buying spree. They’re taking advantage of reasonable valuations to top-up stakes in quality companies in order to create and grow wealth in the longer term. Bitcoin will benefit from a stock market rally as investors move back into riskier assets.”

Green further stressed on key reason which pushes the strong recovery of Bitcoin. The top Cryptocurrencies are usually considered the safe investment factor for the investors due to their scarcity. And a limited supply of 21 million coins creates huge demand in the market-leading to skyrocketing their price.

He also stated that:

“Investors are increasingly seeing bitcoin as an alternative to the dollar. The U.S government started feverishly adding digital dollars to its economy during the pandemic, diluting its value, but adding to the long-term prospects of bitcoin.”

He also says that institutional investors are also one of the considerable factors in the price push. In echo with Green’s report the American investment bank JPMorgan was also trading at the discount rate of 30%. Maintaining the fair value of $38,000 based on its volatility ratio.

Source – Coinpedia.org/

Written by: Qadir AK

All about cryptocurrency and Blockchain