Bitcoin has traded above the $40,000 level in recent days and could soon recover to $50,000.
Nigel Green, founder and CEO of global financial advisory deVere Group, expressed confidence that Bitcoin will reach $50,000 before the end of the month. He made this forecast after Bitcoin had been trading above $40,000 in recent days.
According to Green, the path to $50,000 is being supported by the ongoing unrest in Ukraine. The deVere CEO said:
“In the past 24 hours, Bitcoin at one point rose by more than $6,000 to above $44,000 — the strongest daily gain since February 2021. From today’s perspective, I see no reason why this price momentum should dissipate. I expect Bitcoin to reach $50,000 by the end of this month. Whether it will then reach the all-time highs of $68,000 from November 2021 is still too early to say.”
Green added that a move from $50,000 to $68,000 would not be an unusually large jump for Bitcoin, since the cryptocurrency has experienced similar moves before. He continued:
“The situation between Ukraine and Russia has caused significant financial disruption, and individuals, businesses and even government bodies — not only in the region but globally — are seeking alternatives to traditional systems. When banks close, ATMs run out of cash, threats to personal savings arise to fund wars, and the large international payment system SWIFT is questioned, the need for a viable, decentralized, borderless, tamper-resistant and non-confiscatable monetary system is laid bare.”
Green said that cryptocurrencies have become credible alternatives for investors and will continue to provide strong competition to the U.S. dollar as the global reserve currency.
“Savvy investors understand this and will increase their crypto exposure ahead of further price rises. The appeal of global digital currencies in our increasingly technology-driven world is hardly going unnoticed by institutional investors, which include credit unions, banks, large funds such as investment or hedge funds, venture capital funds, insurance companies and pension funds. In fact, some reports indicate that institutions — which bring substantial capital, expertise and reputational influence — are now among the dominant traders in cryptocurrencies.”
Over the last 24 hours, Bitcoin has slipped by less than 1% and is currently trading above $42,000 per coin.