Nigel Green, CEO of financial consultancy firm deVere Group, predicted that the Bitcoin and cryptocurrency market will pause for a while before a new bull period.
When will Bitcoin rise?
According to Green, while cryptocurrencies are “not yet out of the jungle,” their prices will eventually rise. Predictions of the expert on when this will happen:
The cryptocurrency market has had a tough time lately as it has been hit by a wave of pessimistic investor sentiment based on concerns about the global economic slowdown, inflation and geopolitical considerations, among other things, as all risk assets, including equities, have been hit by. The cryptocurrency market has not yet come out of the jungle; There may be one last small liquidation before a significant price reversal at the end of the year.
Data from TradingView showed that Bitcoin is focused on the $22,800 region from $24,280. The leading cryptocurrency is gaining downward momentum amid the overall bearish sentiment. The price is still consolidating near the $22,500 level. For higher goals, Nigel Green said that Bitcoin is a reliable asset.
Nigel Green’s long-term prospects
The CEO of DeVere Group believes that Bitcoin will attract investors especially because it is a reliable asset with a competitive price:
People are starting to realize that while there are still challenges for economies around the world, some high-quality assets like Bitcoin are relatively affordable. Every market is starting to regain its confidence. People are starting to take immediate action to take advantage of the current reduced valuations for digital, borderless, global currencies, especially Bitcoin, and appreciate their current and future value.
Green adds that Bitcoin’s volatility will be significantly lower over the next few months:
As the flow of free money decreases, we can now clearly perceive the true value of assets. Bitcoin remains the leader of all asset classes in terms of performance over the past decade, even if it is down 50% from its November high of excitement and heat. Over the next few months, we expect a less crazy, more stable uptrend for BTC.
BTC price battles 200-week moving average
As quoted by Kriptokoin.com, Tesla announced its quarterly earnings on Wednesday. Bitcoin conducted its first critical test of support on July 21, as news spread that Tesla was reducing its BTC reserve. BTC plunged after Tesla announced that its Bitcoin position fell 75%, or $936 million, in the second quarter. Meanwhile, Tesla stressed in its earnings call that sales “should not be taken as a decision on Bitcoin (BTC).
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