Bitcoin's new normal bottom is $10,000, predicts the CEO of one of the world's largest independent financial advisory organisations.
The comment from Nigel Green, the chief executive and founder of deVere Group, the $ 12bn advisory giant that launched deVere Crypto in early 2018, comes as the world's largest cryptocurrency has lingered around this mark for several days, before jumping up on Monday. Mr Green notes: "Looking at its performance this year, I believe that the new normal bottom price for Bitcoin is $10,000.
"It bounces at this price. If it fluctuates below this level, it shoots back up again. We have seen this in action on Monday when Bitcoin hit $10,500 in a matter of minutes."
Earlier this month, the deVere CEO predicted that Bitcoin could hit $15,000 in the near future. It is a prediction he is doubling down on.
He says: "Bitcoin can be expected to imminently reach $15,000 for four main reasons.
"First, geopolitical issues, such as the U.S.-China trade war and Brexit, are intensifying and investors will increase exposure to decentralized, non-sovereign, secure digital currencies, such as Bitcoin, to shield them from the turmoil taking place in traditional markets.
"Second, technical network improvements are further improving performance. Bitcoin's hash rate has smashed through another new all-time high recently and this...