Bitcoin no doubt had an eventful ride through the month of September. The month which usually carries promises of price dips and crashes, and overall low market momentum maintained its reputation. This led to a value loss of over 20% in the market, causing cryptocurrencies to tumble down in the market. For the majority of the market, it was a matter of holding on long enough for the month to run out.
Now that September is behind us, it is time to look forward. October has historically been known to perform in the complete opposite of its predecessor. This is when assets recover their lost value, and often the start of another rally that carries through to December. So while price predictions may have looked like wishful thinking through the bloody month of September, the new month may offer better trends that will see the price hit $100K before the year runs out.
Factors Moving Bitcoin Price
Green put forward the factors which he believed would drive bitcoin’s price to its new highs. Laying out five factors, the CEO explained in clear and concise terms why the price of bitcoin was set to surge. The first, Green said, was the Federal Reserves’ reluctance to ban cryptocurrencies. Speculations in the crypto space had been that the U.S. would follow the footsteps of China and banned cryptocurrencies. But the Federal Reserve had stated that it had no intention of doing so.
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The second factor put forward by the CEO was the increased interest in the crypto market by institutional investors. “There is sustained and growing interest from institutional investors, including Wall Street giants and major payment companies, who bring with them their capital, expertise, and reputational influence,” Green explained.
The third was the figures who were influencing the space. Green pointed to prominent figures like billionaire Elon Musk, Twitter CEO Jack Dorsey, and ARK Invest CEO Cathie Wood and their message, “crypto is the inevitable future of money.
Technicals were the fourth driver of the bitcoin price surge. Pointing to previous halvings which have resulted in the price growing tremendously, Green says to expect the same amount of growth given that the last halving occurred in 2020, about a year ago.
BTC price maintains momentum through the weekend | Source: BTCUSD on TradingView.com
Lastly, the CEO points to the utility of bitcoin and how it has changed the way money is viewed and handled. “Cryptocurrencies, of which bitcoin is the most dominant, have already changed the way the world handles money, makes transactions does business and managed assets.”
deVere CEO Says $100K Is The Mark
deVere CEO Nigel Green has overall been bullish on the crypto market. Green has been vocal about his support for Ethereum and how he sees the altcoin taking over bitcoin in the market. But this does not mean that the CEO is any less bullish on bitcoin. In fact, Green has once again reiterated his support for cryptocurrencies with his latest prediction which puts bitcoin at the $100K mark by the end of the year.
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Green recently reneged on his previous price prediction of $65K for bitcoin at the end of the year, which the CEO referred to as being “too conservative.” He maintains that the growing momentum if sustained could see the price of the digital asset hitting as high as $100K before 2021 runs out. “Even though Bitcoin’s place in the global financial system is already assured, this would be a truly landmark moment,” Green explained.
The recovery of bitcoin from the crashes which rocked it in September has increased the CEO’s faith in the pioneer cryptocurrency. The deVere boss believes that this current recovery trend will send the asset surpassing all of its previous all-time highs and setting new price records.
Featured image from Medium, chart from TradingView.com