Nigel Green, the chief executive officer of deVere Group, a financial advisory firm, has declared he is bullish on Bitcoin. He based his conclusion on the actions of BTC whales’ wallets. Bitcoin recently had a short correction to the upside after days of expansion downwardly.
What Are His Grounds?
Since the beginning of the bear market, Bitcoin has been exchanging hands on short occasions between bulls and bears. Each time there was a massive selloff, a voluminous buyback would follow. However, these actions only made the value of BTC high.
While the general sentiment remains bearish, Nigel Green dares to defer. In his words, the bear market has lasted long enough, and it is time for a turnaround. Whales have managed to pressurize small asset holders into selling their holdings.
The power of whales to move the market in their direction gives them a hedge over the market. They can influence the decision of small quantity buyers by inciting fear, uncertainty, and doubt within them. And looking at the market now, such is the case, as a clear sell move is registered.
In the last couple of weeks, the big players have instigated the small players to sell more to depreciate asset prices. Meanwhile, this would allow the whales to gather more bitcoins into their wallets at lower prices. Thus, Nigel Green believes this is the time for whales to fill their bags for the long haul.
Additionally, he disclosed that whale wallets have increased in the last four weeks. According to him, one hundred and three new wallets contain between ten thousand and one hundred thousand bitcoins. The increase occurred in thirty days.
He added that investors are still buying the leading cryptocurrency and its lackeys at a discount, giving them a bull-ride potential.
Nigel Green Thinks Bitcoin Can Hit $70k
The CEO of deVere Group published on a blog earlier in August that he believes Bitcoin would cross the $70k mark in 2022. He further said that it is possible due to the rise in institutional investors. Moreover, an unidentified entity has partnered with a digital asset bourse to offer institutional crypto services.
He mentioned in a statement to media platforms like NASDAQ, FORBES, and Advisorpedia, among others, that big time players are displaying keen interest in Bitcoin. And the numbers keep growing as new whales are joining the clique. These people see the importance of operating in a decentralized financial zone created by digital assets.
As technology expands and the possibilities of better inventions poke out, the world could become utterly digital. It means that the world would likely take a digital turn. People may no longer make transactions using hard currencies.
Also, given the government continuously imposing regulations on crypto, which in turn has reduced market activities, this is giving investors time to learn more about digital assets. And upon their return, the market would explode in the faces of all.