deVere CEO Nigel Green predicts that the Bitcoin (BTC) price will reach $75,000 by the end of 2022, recovering from the current crypto crash.
“Investing in Bitcoin and risky assets is declining”
Bitcoin has dropped below the $40,000 level several times on Monday, stagnant the altcoin market. Referring to the reason for the selling pressure, Green says:
Bitcoin briefly fell below $40,000, following losses in global stocks. Correlation with stock markets is currently particularly pronounced with the tech-heavy Nasdaq 100 index, which is more in tandem than ever before. Investors seem to be reducing investments in assets at risk, including stocks and crypto, amid growing concerns about inflation and slower economic growth. According to
DeVere CEO, abstention could support Bitcoin price:
Currently, Bitcoin is seen as a risk asset alongside equities. However, this may change again as its primary characteristics remain the same. As inflation continues to rise in the months ahead, the BTC price will be bolstered as investors seek to maintain their purchasing power by switching from cash and store-of-value investments.
According to Green, Bitcoin (BTC) is seen as a reliable hedge against inflation for three main reasons:
First, its scarcity – limited supply of 21 million means higher demand will push prices up. is coming. Second, its accessibility – it is considered an asset with value. Third, its durability – Bitcoin will continue to attract more demand over time.
DeVere CEO says the other inherent values of crypto as a viable, decentralized, tamper-proof, impregnable monetary system have also been “leashed bare in recent weeks” due to geopolitical issues. . For these reasons, Green adds that he remains bullish on Bitcoin:
If anything, the situation is strengthening for BTC and cryptocurrencies. Therefore, we expect Bitcoin to reach $75,000 from the current crypto crash by the end of 2022.
noted, therefore, that “whales”—individuals or entities that hold enough cryptocurrency to have the potential to move their currency valuations—will remove concerns about dips, use them as buying opportunities, and focus on long-term trends. . “Panic sellers are feeding whales who see current Bitcoin price drops as discounts,”
said.
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