deVere CEO Affirms Reverse Psychology, Bitcoin to Rally Due to Global Institution-Driven FOMO Bull Run
Every crypto investor in the world is already fed up with the bear market. The prices reached their peak at the end of 2017 and things have taken a dark turn since then. However, if you believe the CEO of independent financial consultant deVere, Nigel Green, the bull run is just around the corner.
A Bull Run Driven By FOMO
After the nine-month downtrend that the market has faced this year, Nigel Green, affirms that bitcoin is on the verge of a true global breakout that that will be driven by a great institutional fear of missing out (FOMO).
Green has affirmed this on Malta, the “blockchain island”, during the official conference of the country, the DELTA Summit. There, he affirmed that Bitcoin will be able to break its downtrend and that adoption is constantly increasing, so it is only a matter of time, as banks and companies from the tech and retail sector are already very invested in cryptos.
However, Bitcoin is trading at around $6,500 USD now and it is really painting a descending triangle on price charts, which is generally a characteristic of bear markets. As Bitcoin has been making higher lows recently, there is a certain chance for a reversal, so Green is not too far out by saying that the bull market may be coming.
Along with him, several other crypto investors and experts like Tom Lee from Fundstrat believe that the bull run is very near now.
Will The New Bull Run Repeat the 2017 Parabola?
2017’s Bitcoin price spike was definetely driven by FOMO, however, Green believes that 2018 will be different. In 2017, it was mostly retail investors that decided to buy cryptocurrencies after they heard about them on social media. The next FOMO, however, will be driven by institutional investors and he defends that this might pose a certain difference.
The reason for this affirmation is because Nigel Green sense that there is a growing feeling among institutions that they should embrace the sector now or their competitors might get ahead of them and then it will be able to catch up. As the public is eager to invest in cryptos, this can motive them to lead the bull run.
When will the bull run start? At the end of the year, Green believes. It will not as stratospheric as the rise in price at the end of 2017 but it will be significant and it will help to make cryptos more widespread and used around the world.