Bitcoin is back, according to one financial expert, after a Bitcoin price rise on Tuesday saw the cryptocurrency hit its highest levels since last November.
Nigel Green, founder and chief executive of deVere Group, now predicts that the Bitcoin price rise is the start of a return to form for the cryptocurrency, after multi-month slump had seen many suggesting it was past its prime.
“After being in bear territory there is a growing sense that Bitcoin is back. I’m now calling that the market has bottomed and the so-called crypto winter has come to an end,” he said.
“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%.”
Will the Bitcoin price rise drive the cryptocurrency to $7,000?
Although Bitcoin is not expected to match its all-time high of around $20,000, which occurred in late 2017, any time soon, Green does expect the Bitcoin price rise to continue, driving its value to $7,000.
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“I think we could reasonably see the Bitcoin price hitting $7,000 in the next few months,” he said.
“There is increasing acceptance that cryptocurrencies are inevitably the future of money, and the environment is now right for a sustained climb in prices.”
While adoption is in part being driven by individual investors, the growing interest from more traditional sectors is also playing a role.
“Adoption is increasing all the time. 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,” said Green at the end of 2018.
“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. This is especially true as the public – their customers – are increasingly eager to explore the opportunities themselves.”