deVere's Green Anticipates Short-Term Sales Ahead of Move Towards $120,000 Following Bitcoin's $100,000 Surge
On Thursday, the leading cryptocurrency in the world, Bitcoin, exceeded the $100,000 barrier, reaching a historic milestone. This increase in value is attributed to 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 presidential candidate's anticipated pro-crypto policies.
Despite this surge, Nigel Green, CEO of deVere Group, anticipates a short-term sell-off in the near future. Green suggests that this would be a natural reaction to the rapid price increase as investors realize their profits. However, he predicts that this could be a temporary phase before Bitcoin continues its upward trend and potentially reaches $120,000 in the first quarter of 2025.
Bitcoin's value has more than doubled from a low of $38,505 in 2024 and has recorded a remarkable 45% increase since Trump's election victory two weeks ago. This growth reflects not only Bitcoin's resilience but also its increasingly prominent role in global finance, serving as a hedge against inflation and a tool for portfolio diversification.
Expected regulatory changes under the Trump administration are anticipated to create a more conducive environment for the integration of digital assets into the financial system. The market is optimistic about Trump's appointment of a Securities and Exchange Commission (SEC) chair who takes a favorable view of the cryptocurrency industry.
This shift in the political landscape is likely to make Bitcoin more attractive to both institutional and individual investors. According to Green, structural changes are already underway, with large institutional investors considering Bitcoin a key asset in diversified portfolios while retail investors see it as digital gold.
The projection that Bitcoin will reach $120,000 is supported by the belief that any imminent sell-off will be short-lived and that Trump’s economic policies will provide more institutional investment and adoption for Bitcoin. Green argues that with the increasing participation of traditional financial institutions, Bitcoin's fundamentals are strong, solidifying its status as a transformative asset class.
Despite potential volatility on the road to $120,000, Green emphasizes the importance of a long-term investment perspective. He views the upcoming sell-offs as excellent opportunities for those who recognize Bitcoin's potential amid global economic and political developments.