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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30
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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

Why The Bitcoin At $100K Discourse Remains Strong Despite Market Crashes

Best Owie
Best Owie
1 year ago
3 mins read
Picture of a bitcoin logo with a gold bull behind it and an upward pointing arrow

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Bitcoin no doubt had an eventful ride through the month of September. The month which usually carries promises of price dips and crashes, and overall low market momentum maintained its reputation. This led to a value loss of over 20% in the market, causing cryptocurrencies to tumble down in the market. For the majority of the market, it was a matter of holding on long enough for the month to run out.

Now that September is behind us, it is time to look forward. October has historically been known to perform in the complete opposite of its predecessor. This is when assets recover their lost value, and often the start of another rally that carries through to December. So while price predictions may have looked like wishful thinking through the bloody month of September, the new month may offer better trends that will see the price hit $100K before the year runs out.

Factors Moving Bitcoin Price

Green put forward the factors which he believed would drive bitcoin’s price to its new highs. Laying out five factors, the CEO explained in clear and concise terms why the price of bitcoin was set to surge. The first, Green said, was the Federal Reserves’ reluctance to ban cryptocurrencies. Speculations in the crypto space had been that the U.S. would follow the footsteps of China and banned cryptocurrencies. But the Federal Reserve had stated that it had no intention of doing so.

Related Reading | Billionaire Orlando Bravo Reveals He Owns Bitcoin And Why He’s ‘Very Bullish’

The second factor put forward by the CEO was the increased interest in the crypto market by institutional investors. “There is sustained and growing interest from institutional investors, including Wall Street giants and major payment companies, who bring with them their capital, expertise, and reputational influence,” Green explained.

The third was the figures who were influencing the space. Green pointed to prominent figures like billionaire Elon Musk, Twitter CEO Jack Dorsey, and ARK Invest CEO Cathie Wood and their message, “crypto is the inevitable future of money.

Technicals were the fourth driver of the bitcoin price surge. Pointing to previous halvings which have resulted in the price growing tremendously, Green says to expect the same amount of growth given that the last halving occurred in 2020, about a year ago.

Bitcoin price chart from TradingView.com

BTC price maintains momentum through the weekend | Source: BTCUSD on TradingView.com

Lastly, the CEO points to the utility of bitcoin and how it has changed the way money is viewed and handled. “Cryptocurrencies, of which bitcoin is the most dominant, have already changed the way the world handles money, makes transactions does business and managed assets.”

deVere CEO Says $100K Is The Mark

deVere CEO Nigel Green has overall been bullish on the crypto market. Green has been vocal about his support for Ethereum and how he sees the altcoin taking over bitcoin in the market. But this does not mean that the CEO is any less bullish on bitcoin. In fact, Green has once again reiterated his support for cryptocurrencies with his latest prediction which puts bitcoin at the $100K mark by the end of the year.

Related Reading | Polygon Founder Says Ethereum Is Set To Replace Bitcoin As The Global Standard

Green recently reneged on his previous price prediction of $65K for bitcoin at the end of the year, which the CEO referred to as being “too conservative.” He maintains that the growing momentum if sustained could see the price of the digital asset hitting as high as $100K before 2021 runs out. “Even though Bitcoin’s place in the global financial system is already assured, this would be a truly landmark moment,” Green explained.

The recovery of bitcoin from the crashes which rocked it in September has increased the CEO’s faith in the pioneer cryptocurrency. The deVere boss believes that this current recovery trend will send the asset surpassing all of its previous all-time highs and setting new price records.

Featured image from Medium, chart from TradingView.com
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Best Owie
Best Owie

Best Owie

Best Owie is a seasoned managing editor with a wealth of experience currently serving as the Managing Editor at NewsBTC. Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality.

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Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best’s publications, which are always clear and concise, enabling easy reading and understanding for all.

Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best’s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community.

Best’s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information.

Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity.

When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world’s most quiet and well-behaved Husky. Best’s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well.

As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers.

Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best’s prolific career in the media industry is a testament of how hard work and dedication pays.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

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