Bitcoin, the world’s most important cryptocurrency, has remained around $20,000 in valuation since tumbling to $17,567 in June and has languished around that number well into August. The token is currently doing its worst performance for several months since hitting nearly $70,000 in November 2021.
With cryptocurrency facing bearish sentiment since the dreaded crypto-collapse in June, trends across the industry continue to slump, and analysts are saying that cryptocurrency has simply had its honeymoon period, and now the time has come to move on to greener pastures.
However, a renewed optimism is rising.
Nigel Green, CEO of one of the world’s largest independent financial advisory organisations, the deVere Group, is predicting that Bitcoin will hit a fresh all-time high of $70,000 this year amid growing institutional investment.
This prediction from Green comes as it is announced that a major U.S.-based asset manager and crypto exchange have partnered to expand access to crypto among institutional investors.
He notes: “There’s been a groundswell of interest from institutional investors in Bitcoin and crypto in recent months – and this is set to grow exponentially.”
“These experts appreciate the inherent value of digital, borderless, global, tamper-proof, unconfiscatable currency in our increasingly tech-driven world. They understand the key characteristics of Bitcoin and cryptocurrencies are designed for this century and, therefore, are growing in appeal,” he adds.
The deVere CEO continues to indicate that as regulatory scrutiny of digital assets is being ramped up globally – giving them more confidence – and as prices are currently relatively low, Bitcoin seems temporarily undervalued in the market.
“This is why now we are seeing institutional investors coming off the sidelines. They are making significant moves to increase their crypto exposure at lower entry points; sensibly, employing the ‘buy the dip’ mantra.”
Green says that “With them, these institutional investors bring huge amounts of capital, reputational pull and expertise to the market, and this will then provide additional confidence for more retail investors.”
“As institutional and retail inflows pick up momentum, I predict that we will see Bitcoin hit fresh all-time highs by the end of the year. I would not be surprised for it to hit $70,000, which would surpass the previous all-time high of $68,000 in November 2021.”
Nigel Green, who recently launched the exchange deVere Crypto, says he expects “a slew of other Wall Street giants to follow suit.”
“Savvy retail investors will be paying attention and topping up their own crypto portfolios accordingly.”
Potential investors are reminded that cryptocurrency is highly volatile and that since tokens like Bitcoin have no real-world value, positive sentiment alone could see it rocket temporarily only for it to crash down spectacularly once again, taking your money with it.