The CEO of Devere Group, a financial advisory and asset management firm, has predicted a bull run and a significant increase in the price of Bitcoin in the fourth quarter of this year.
Devere CEO Predicts Bitcoin Bull Run In Q4
Financial advisory and asset management firm Devere Group has forecast that Bitcoin’s price will surge significantly in the fourth quarter of this year. Nigel Green, Founder and CEO of Devere said earlier last week:
I believe we are about to see a bull run that will result in a significant rally in the fourth quarter of the year for the world’s leading digital currency.
The Devere CEO stated, “Bitcoin is currently highly correlated with leading global equity markets such as Wall Street’s S&P500 and I am confident that the recent market downturn is near bottoming and a rally is imminent.”
The CEO added:
Bitcoin will benefit from a stock market rally as investors switch back to riskier assets.
Green explained that one of the key factors that will drive the Bitcoin rally is investors 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 the Devere boss noted was that Bitcoin is increasingly being viewed as an alternative to fiat currencies. Veteran investor Bill Miller previously explained that the Russia-Ukraine war and subsequent sanctions against Russia have made people consider an alternative currency to the US dollar.
“The US government has begun feverishly adding digital dollars to its economy during the pandemic, diluting its value but increasing Bitcoin’s long-term prospects,” Green noted, emphasizing:
Investors increasingly see bitcoin as an alternative to the dollar.
Green went on to say that his projected Bitcoin bull run is “supported by growing investments from large institutional investors who bring capital, expertise and reputational strength.” An April poll shows that 80% of institutional investors believe crypto will overtake traditional investing, 70% said crypto is a trusted investment, and 68% said they actively recommend the asset class in investment strategies.
Finally, the Devere CEO pointed out that major regulators are trying to create a regulatory framework for crypto. He mean:
Regulation, which I believe is unavoidable, would give both retail and institutional investors more protection and therefore more confidence.
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’s down 2.5% over the past 24 hours, more than 7% over the past seven days, and nearly 26% over the past year.
What do you think of Devere CEO Nigel Green’s guidance? Let us know in the comment section below.
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