The CEO and Founder of deVere Group, Nigel Green, explained in a recent blog post that Bitcoin’s (BTC) normal bottom is $10,000. In an article released a few hours ago, Mr. Green said that the normal bottom price for Bitcoin is $10,000. deVere Group is a $12 billion advisory giant that is also investing in the cryptocurrency market.
Bitcoin Bottom Is $10,000
The most popular cryptocurrency in the market was able to leave the bear market of 2018 by growing over 200% since it bottomed back in December 2018. In June 2019, Bitcoin surpassed $13,750 in some exchanges, the highest price recorded by the virtual currency in more than a year.
The market was very excited at that time and many considered that Bitcoin could move to $15,000. Nevertheless, this didn’t happen and the cryptocurrency fell to $10,000. Nigel Green considers that $10,000 is a very important price level and that the virtual currency could imminently hit $15,000.
There are four main reasons that Mr. Green gives that would allow Bitcoin to surge 50% in the next few months. The first thing is related to geopolitical issues such as the U.S.- China trade war and Brexit. These two things are intensifying and investors may search for larger exposure to decentralized, non-sovereign and secure digital currencies.
The second thing is related to technical network improvements that are currently enhancing their performance. Bitcoin’s hash rate has also surged and reached a new all-time high a short time ago. Third, the Bitcoin halving in 2020 is also going to play an important role in attracting investors to the market. Miners are going to receive 50% fewer BTC for their work confirming transactions on the blockchain.
Finally, he said that awareness is also growing around the world. On the matter, he wrote:
“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.”
Thus, the fact that there is an increasing global acceptance of virtual currencies would help Bitcoin have a bottom price of $10,000. Currently, the most popular cryptocurrency is being traded around $10,317 according to CoinMarketCap