CEO of Devere Group Nigel Green has predicted that Bitcoin (BTC) would hit $50,000 by the end of March. Devere operates as an independent financial advisory and asset management company with its headquarters located in the UAE.
Green made his bullish projection last Tuesday after BTC surged by over 10% within 24 hours, noting:
“As it currently stands, I can see no reason why this price momentum should falter. I think we can expect to see bitcoin hit $50,000 by the end of this month.”
The executive added that it is still “too early to say” when BTC will return to its all-time high of $69,000, which the benchmark cryptocurrency tapped in November 2021.
Green argued that “It’s not that big a leap from $50K to $68K,” emphasizing: “The world and the crypto market are moving at an accelerated rate in recent times. It’s certainly not out of the realms of possibility.”
At press time, Bitcoin trades at $38,200 after crashing by over 3% over the past 24 hours.
Meanwhile, Green highlighted two major catalysts he believes currently drive the price of BTC, including geopolitical tensions and institutional investment.
He explained that the ongoing Russia-Ukraine crisis “has caused significant financial upheaval.” He added that the existing conditions have forced individuals, businesses, and government organizations around the globe to seek out “alternatives to traditional systems.”
Key Bitcoin Levels to Watch — March 6
Bitcoin’s bearish throes continue to hold it in a chokehold as the benchmark cryptocurrency printed a new monthly low on Sunday amid lingering geopolitical tensions and a strengthening US dollar. The cryptocurrency dipped to the $38,000 low this morning but has bounced near the $39,000 mark.
That said, the key level for BTC to break to regain a bullish trajectory is the $41,000 mark, where the 4-hour 50 and 200 SMAs reside. In the meantime, I expect rejection from the $39,000 mark followed by a mild retreat to $38,500 before we see a sharp rebound near the $40,000 axis again.
Meanwhile, my resistance levels are at $39,000, $40,000, and $41,000, and my key support levels are at $38,500, $38,000, and $37,000.
Total Market Capitalization: $1.75 trillion
Bitcoin Market Capitalization: $737.8 billion
Bitcoin Dominance: 42%
Market Rank: #1
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