Nigel Green: Bitcoin’s new normal bottom price of $10,000

The founder and CEO of the consulting company deVere Group, Nigel Green, believes that the new "bottom" for Bitcoin is now at around $ 10,000.

"Looking at its performance this year, I believe that the new normal bottom price for Bitcoin is $10,000. It bounces at this price. If it fluctuates below this level, it shoots back up again. We have seen this in action on Monday when Bitcoin hit $10,500 in a matter of minutes," Green said.

In his opinion, factors such as the trade war between the US and China, the UK's exit from the European Union, infrastructure improvements in the Bitcoin network and the expected mining bonus halving expected in May 2020 contribute to the growth of Bitcoin prices. The popularity of the first cryptocurrency is growing, especially since many investors are trying to get away from geopolitical risks and keep their assets in Bitcoin. 

"There is increasing global acceptance that cryptocurrencies, such as Bitcoin, are not only the future of money, but increasingly the money of today. This will be reflected in Bitcoin's new normal bottom price of $10,000," 

concluded Green.

 Note that a similar point of view was recently expressed by the head of the OTC trading division of the cryptocurrency exchange Kraken Nelson Minier.

Earlier, Green was not so sure about Bitcoin and said that the dominance of the first cryptocurrency would decline, and at the end of 2018, he announced that XRP and ETH would surpass Bitcoin.

SOURCE