Nigel Green, CEO and founder of the deVere Group says that the $10,000 mark is the new normal bottom for Bitcoin price.
The statement gains importance as Nigel Green heads one of the world’s largest independent financial advisories. Talking to LondonLovesBusiness, Mr. Green said that looking at Bitcoin’s performance over the past three months, he believes that Bitcoin won’t break the $10k support and is only expected to increase.
Bitcoin has held strongly at this support and just a couple of days back hit $10,500 in a matter of minutes, even though it flirted with prices just below the $10k mark. The deVere CEO has also predicted a $15k price of Bitcoin in the very near future. He believes that a price increase is imminent and lists four reasons to back up his claims.
According to Mr. Green, the first important reason is geopolitical – the US-China trade war and Brexit. He believes that investors will want to shield their investments from the political turmoil and use decentralized and secure digital assets like Bitcoin.
The second reason Mr. Green enlists is the technical improvements in the performance of the Bitcoin blockchain, with the Bitcoin hash rate smashing another all-time high, leading to investor confidence.
The proposed Bitcoin halving in 2020 will also fuel the price rise, according to Mr. Green. Historically, halving events have typically caused price surges. Finally, the consistently growing public interest in Bitcoin and other digital currencies that are slowly becoming part of mainstream finance, is by far the most important reason for bitcoin price rise.
The slow, yet steady global acceptance of bitcoin and other digital assets augurs well for the industry and the crypto community, believes Mr. Green and these are the reasons for $10k being the new normal bottom for Bitcoin.