- Bitcoin won’t fall below $10,000, the head of deVere Group believes.
- There are four factors that will drive the price higher.
According to the founder and CEO of the consulting company deVere Group, Nigel Green, $10,000 is a new true bottom for Bitcoin” price.
“Looking at its performance this year, I believe that the new normal bottom price for Bitcoin is $10,000. It bounces at this price. If it fluctuates below this level, it shoots back up again. We have seen this in action on Monday when Bitcoin hit $10,500 in a matter of minutes,” Nigel Green commented.
In August, the head of deVere Group stated that the price of the first cryptocurrency might reach $15,000 in the nearest future due to four reasons.
First, geopolitical issues like the trade war between the US and China and Brexit are becoming increasingly relevant. Investors are forced to turn to decentralized digital currencies to protect their savings during turbulence on the traditional financial markets.
He also notes that the price is positively affected by technical improvements and a growing network hash rate. These developments make the cryptocurrency more secure.
The third factor is the halving in 2020 which will also push the price up, and finally, what can be considered the most important, the constantly growing level of public awareness about cryptocurrencies.
“And fourth – and perhaps the most important one – is that public awareness is consistently growing. Cryptocurrencies, and in particular Bitcoin, are increasingly part of mainstream finance. This is evidenced not only in the financial sector, in which all major banks are increasingly looking at blockchain and crypto, but with big names within the tech and retail sectors too.”
In November last year, in the midst of the so-called “crypto winter,” the head of the deVere Group said that in the next 10 years, the cryptocurrency market capitalization would increase by 5000% and reach $ 20 trillion, but bitcoin would give way to other coins.
At the time of publication, the weighted average Bitcoin exchange rate was registered at $10,120. During early Asian hours the price of the first crytocurrency cam e close to $10 000.
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