There is no doubt that Bitcoin had an eventful journey during the month of September. The month that usually holds promises of falling and crashing prices, and lower market momentum in general has preserved its reputation. This resulted in a value loss of more than 20% in the market, causing cryptocurrencies to plummet in the market. For the majority of the market, it was about staying out long enough for the month to run out.
Now that we’re past September, it’s time to look forward. Historically, October works in reverse. This happens when assets recover their lost value, often the start of another rally that lasts until December. So while price predictions may have seemed wishful thinking during a bloody September, the new month may offer better trends that will see the price hit $100,000 before the year runs out.
Factors Affecting Bitcoin Price
Green brought up the factors that he believes will push the price of Bitcoin to new highs. Putting five factors in, the CEO explained in clear and succinct terms why the price of bitcoin is set to rise. The first is the Federal Reserve’s reluctance to ban cryptocurrencies, Green said. Speculation in the crypto space has been that the US will follow in China’s footsteps and ban cryptocurrencies. But the Federal Reserve has stated that it does not intend to do so.
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The second factor brought up by the CEO is the growing interest in the crypto market by institutional investors. “There is continued and growing interest from institutional investors, including the giants of Wall Street and major payment firms, who are bringing with them their capital, experience and the impact of their reputation,” Green explained.
The third is the personalities that influenced the space. Green noted such luminaries as billionaire Elon Musk, Twitter CEO Jack Dorsey, and ARK Invest CEO Kathy Wood, as their message, “Crypto is the inevitable future of money.
Technology has been the fourth driver of the bitcoin price rally. Referring to the previous halving that led to massive price growth, Green says he expects the same amount of growth given that the latter halving occurred in 2020, about a year ago.
BTC price maintains momentum through the weekend | Source: BTCUSD on TradingView.com
Finally, the CEO points out the usefulness of bitcoin and how it has changed the way money is viewed and handled. “Cryptocurrencies, of which Bitcoin is the most prevalent, have really changed the way the world deals with money, transacting business and managing assets.”
deVere CEO says $100,000 is the mark
deVere CEO Nigel Green was generally bullish on the crypto market. Green has been vocal about his support for Ethereum and how he sees altcoins gaining access to Bitcoin in the market. But that doesn’t mean the CEO is any less optimistic about Bitcoin. In fact, Green once again reiterated his support for cryptocurrencies with his latest prediction to put Bitcoin at the $100,000 mark by the end of the year.
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Green recently retracted his previous $65,000 price prediction for bitcoin at the end of the year, which the CEO referred to as “very conservative.” He asserts that if the increased momentum continues, the price of the digital asset could rise to $100,000 before the 2021 runs out. “Although Bitcoin’s place in the global financial system is already secured, this will be a truly historic moment,” Green explained.
Bitcoin’s recovery from its September crash has boosted CEO confidence in the leading cryptocurrency. Head deVere believes that this current retracement trend will send the asset surpassing all previous highs ever and setting new price records.
Featured image from Medium, chart from TradingView.com
