ניגעל גרין פון דעווערע גרופע פּרידיקס 'באַטייַטיק אָפּשפּרונג' אין ביטקאָין פּרייַז דורך ק 4

The price of bitcoin (BTC) should see a “significant bounce” during the fourth quarter of this year, as investors move back into riskier assets, according to Nigel Green, the founder and CEO of asset manager deVere Group.

With bitcoin snapping its longest-ever weekly losing streak over the weekend, “price recovery has started… [and] we’ll soon see a bull run that will lead to a significant bounce in the fourth quarter of the year,” Green predicted in a ויסזאָגונג.

Bitcoin languishes in price through first half of 2022

He shied away from putting a price on his forecast after an פריער פאָרויסזאָגן targeting BTC at $50,000 by end of March fell apart.

Bitcoin rose above $31,500 on Monday, up more than 6% in 24 hours. During the preceding seven days, the price limped up 1.5% to end a weekly losing streak that had lasted for two and a half months. BTC has tanked almost 40% from $48,000 in late March.

אין דער צייט פון דרוק, Bitcoin was trading at $31,300, according to CoinGecko. Bitcoin has seen wild swings since hitting a record high of $69,000 on Nov. 10 due to concerns over crypto regulation as well as the global economic outlook. The recent collapse of LUNA added salt to injury.

Flight to riskier assets

Nigel Green, the deVere founder, believes the bottom might be in, and that regulation, though loathed, “would give [investors] more protection and more confidence.”

“Bitcoin is currently highly correlated to leading global stock markets, such as Wall Street’s S&P 500, and I’m confident that the recent market downturn is close to the bottom and a rally is imminent,” he said, adding:

"איין גוט גראדן אַז די דנאָ איז נאָענט איז אַז טראַקינג באַדינונגס אַנטדעקן אַז 'ינסידערז' זענען אויף אַ בייינג ספּרי. זיי נוצן גלייַך וואַליויישאַנז צו העכערן סטייקס אין קוואַליטעט קאָמפּאַניעס אין סדר צו שאַפֿן און וואַקסן עשירות אין די מער טערמין. ביטקאָין וועט נוץ פון אַ לאַגער מאַרק מיטינג ווי ינוועסטערז מאַך צוריק אין ריזיקאַליש אַסעץ.

Devere Group is an independent financial advisory firm with offices throughout the world. Headquartered in Dubai, UAE, the company has over $10 billion in assets under management.

Green touted bitcoin’s inflation-hedging characteristics as another key reason for the expected “strong recovery”. The top crypto asset has often been considered a safe haven because of its scarcity – a limited supply of 21 million coins, which proponents say “means that higher demand will push prices up.”

“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 said.

Institutional investors will also be a major driver for sustaining the price push, added the CEO.

Green’s comments echo the פריש מעלדונג by American investment bank JPMorgan Chase & Co, which said that BTC was trading at a discount of up to 30%. The bank maintained that bitcoin’s fair value is $38,000, based on its וואַלאַטילאַטי ratio to gold.

אָפּלייקענונג

אַלע די אינפֿאָרמאַציע קאַנטיינד אויף אונדזער וועבזייטל איז ארויס אין גוטן אמונה און בלויז פֿאַר אַלגעמיינע אינפֿאָרמאַציע צוועקן. קיין אַקציע וואָס די לייענער נעמט אויף די אינפֿאָרמאַציע געפֿונען אויף אונדזער וועבזייטל איז שטרענג אויף זייער אייגן ריזיקירן.