According to Nigel Green – CEO and Founder of deVere Group – investors should expect a “significant bounce” of bitcoin’s USD valuation in Q4, 2022. In his view, the primary cryptocurrency is highly correlated to global stock markets, and the decline for all is close to an end.
‘We’ll Soon See a Bull run’
In a recent statement, Green stated there are good indicators that the bottom for bitcoin is near as “tracking services reveal that “insiders” are on a buying spree.” In his view, many people have taken advantage of the current situation, increasing their crypto holdings at lower prices so they can “grow wealth in the longer term.”
deVere Group’s executive thinks investors will shift their focus towards riskier assets in the near future, including bitcoin:
“I believe that we’ll soon see a bull run that will lead to a significant bounce in the fourth quarter of the year for the world’s leading digital currency.”
Another reason why BTC could be close to recovery is that numerous individuals might pick it as a hedge against the galloping inflation. Regarded by many as digital gold, the asset has a maximum supply of 21 million coins ever to exist and is easily accessible.
The move is prevalent in countries where inflation reached record levels. Turks, Brazilians, and Nigerians are some examples.
Green also predicted that bitcoin will catch the attention of major financial institutional investors who “bring with them capital, expertise, and reputational pull.”
Last but not least, the executive expects that global watchdogs will impose comprehensive regulations on the crypto sector in the following months. Thus, investors will have additional security when dealing with the asset class:
“Regulation, which I believe is inevitable, would give more protection and, therefore, more confidence to both retail and institutional investors.”
Green’s Previous Forecasts
It is worth mentioning that deVere Group’s CEO has been quite accurate in his predictions about bitcoin’s price. At the beginning of March this year, he envisioned that the Russia-Ukraine military conflict could boost 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 29.
In April 2021, he forecasted that the cryptocurrency will “hit or even surpass” a new all-time high price by the end of 2021. In November last year, it rallied to almost $70,000.