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QUICK TAKE: Bitcoin Could Hit $7,000 Shortly, deVere CEO Says

Traders Magazine Online News, April 4, 2019

John D'Antona Jr.

It’s baack.

Or is it?

Bitcoin is rebounding and back in the good graces of some in the market – rallying around 20% just Tuesday morning. And according to Nigel Green, founder and chief executive of deVere Group, thinks the best is yet to come.

“After being in bear territory there is a growing sense that Bitcoin is back,” Green told traders Magazine. “I’m now calling that the market has bottomed and the so-called crypto winter has come to an end. I believe Bitcoin will now move higher over the next few weeks and months, making steady gains for investors.  As the largest cryptocurrency by market cap, this will have a positive impact on prices in the wider crypto sector.”

The Bitcoin price crossed the $5,000, touching the highest level since November 2018 in the early hours of Tuesday, London time. All other major cryptocurrencies, including Ethereum, XRP and Litecoin have experienced gains of around 10 per cent, consequently, Green noted.

“This dramatic jump is likely to attract many investors who have been sitting on the sidelines. “In addition, it can be expected to reignite institutional interest,” Green said.  

Late last year, the deVere CEO suggested that Bitcoin and other cryptocurrencies are, on the verge of a true global breakout, largely due to 'FOMO' - the fear of missing out.

“Adoption is increasing all the time,” he continued. “This is evidenced not only in the financial sector, in which major banks are increasingly looking at blockchain and crypto, but with big names within the tech and retail sectors too. I feel that there’s a growing sense amongst institutions that unless they embrace this sector, their competitors could move way out in front and they might find it difficult to catch up. I think we could reasonably see the Bitcoin price hitting $7,000 in the next few months.”

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