By CCN Markets: Bitcoin has a new bedrock support level, and for the first time ever, it's in five-figure territory. According to the CEO and founder of the deVere Group, Nigel Green, Bitcoin’s "new normal bottom" is $10,000. "It bounces at this price. If it…
By CCN Markets: Bitcoin has a new bedrock support level, and for the first time ever, it’s in five-figure territory.
According to the CEO and founder of the deVere Group, Nigel Green, Bitcoin’s “new normal bottom” 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.”
The flagship cryptocurrency first pierced the $10,000 mark in November 2017. After falling below its all-time high, it took more than a year before it crossed that level two months ago.
At press time, Bitcoin was trading at around $10,350.
Green also doubled down on his prediction that the Bitcoin price will reach the $15,000 mark in the near future. The deVere Group founder first issued the $15,000 price call earlier this month.
Green pointed to the U.S.-China trade war and Brexit as prime catalysts for a Bitcoin rally.
Per Green, investors will flock to the cryptocurrency to “shield them[selves] from the turmoil taking place in traditional markets.”
Additionally, the BTC block reward halving that is expected next year in May will also contribute to the appreciation of the cryptocurrency’s price.
But while Bitcoin has increasingly been seen as becoming a safe haven asset, with its price rise since May being attributed to jitters over the Sino-U.S. trade war, Green is still bullish over the long term even if these risks were taken off the table.
Speaking exclusively with CCN, Green concluded that there were multiple factors playing to the flagship cryptocurrency’s advantage:
“If the Sino-U.S. trade tensions were somehow dramatically de-escalated and the global economic outlook became more optimistic, the Bitcoin price would still continue to rise due to the other major factors driving it– not least the growing public awareness and institutional investment.”
Click here for a real-time Bitcoin price chart.