After $100K Bitcoin surge, deVere’s Green sees brief sell-off before move to $120K
On Thursday, Bitcoin, the world’s leading cryptocurrency, reached a historic milestone by breaking through the $100,000 barrier. This surge in value is attributed to market expectations of a favorable regulatory environment for cryptocurrencies during Donald Trump’s upcoming presidency. The significant rise in Bitcoin’s value is seen as a response to the anticipated pro-crypto policies of the President-elect.
Despite the breakthrough, Nigel Green, CEO of deVere Group, anticipates a brief sell-off in the near term. He suggests that this would be a natural reaction to the rapid price increase, as investors take profits. However, Green foresees this as a temporary phase before Bitcoin continues its upward trajectory, potentially reaching $120,000 in the first quarter of 2025.
Bitcoin’s value has more than doubled from its 2024 low of $38,505 and has seen a remarkable 45% increase since Trump’s election victory two weeks ago. This growth not only reflects Bitcoin’s resilience but also its increasingly prominent role in global finance, serving as an inflation hedge and a means for portfolio diversification.
The anticipated regulatory changes under Trump’s administration are expected to foster a more conducive environment for the integration of digital assets into the financial system. The market is optimistic that Trump will appoint a Securities and Exchange Commission (SEC) head who is favorable towards the cryptocurrency industry.
The shift in political landscape is likely to enhance Bitcoin’s attractiveness to both institutional and individual investors. According to Green, structural changes are already occurring, with major institutional investors treating Bitcoin as a key asset in diversified portfolios, while retail traders see it as digital gold.
The projection that Bitcoin will reach $120,000 is supported by the belief that any upcoming sell-off will be brief and that Trump’s economic policies will drive further adoption and institutional investment into Bitcoin. Green maintains that Bitcoin’s fundamentals are strong, with increasing engagement from traditional financial institutions solidifying its status as a transformative asset class.
Despite potential volatility on the path to $120,000, Green emphasizes the significance of a long-term investment outlook. He views any forthcoming sell-offs as excellent opportunities for those who recognize Bitcoin’s potential amidst global economic and political developments.
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