2021-11-16 02:00 |
DeVere CEO Nigel Green has recently shared his outlook for the current bull rally. Bitcoin has been on an upward trend since the beginning of October, hitting multiple all-time highs since then. The rally does not seem to be slowing down soon and market analysts do not believe it will. The current trajectory, as analyzed by experts, mostly shows that the trend will last into the next couple of months.
Green, however, has an even better outlook for the digital asset, which he sees growing along with rising inflation rates. The CEO explained that with predicted inflation rates of above 5% in the UK and the cost of goods coming out of China surges, people will begin to feel the pain, leading them to search for better inflation hedges. Bitcoin has proven to be the solution.
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Bitcoin Bull Run Until 2022In a recently published post on deVere’s website, Nigel Green talks about the future of bitcoin. Green explained that the bull rally is not ending in 2021. In fact, the CEO did not expect the rally to anytime soon. Instead, putting the end of the rally in the second quarter of 2022.
“Tt’s one that is likely to last until at least the beginning of the second quarter of 2022 when pressures should start to ease,” he said. “Against this backdrop, and amid some peaks and troughs along the way as markets never move in a straight line with traders taking profit, we can expect to see the price of Bitcoin and other major cryptocurrencies continue their skywards trajectory.”
BTC starts another recovery trend | Source: BTCUSD on TradingView.comThe reason behind this predicted growth has been the growing use care of bitcoin as an inflation hedge. The digital asset has quickly overtaken gold which green noted “has been almost universally hailed as the ultimate inflation hedge – until now.”
Inflation rates released for the United States in November put it at 6.22%, one of the highest in over a decade. As the Fed continues to print money without discretion, this rate is expected to climb, making inflation hedges an urgent need for investors.
Outlook For Smart Contracts ProjectsBitcoin is not the only digital asset that the founder of deVere Group is bullish on. He was also particularly bullish on smart contracts projects like Ethereum, Cardano, and Solana. He sees these going up in tandem with the rise of bitcoin, which has been historically known to pull the altcoin market with it on its bull runs.
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“Bitcoin’s gravitational pull on other digital assets will show itself again this week, pulling up other major cryptocurrencies as it maintains its own strength.”
This gravitational pull, as described by Green, will see these other assets do very well in the market, especially given their involvement in the fintech space. “We can expect those cryptos involved with fintech development, such as Ether, Solana, and Cardano, to do particularly well.”
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