Bitcoin might be on the verge of its next bull run after a period of low volatility, Nigel Green, a chief executive of deVere Group, said.
According to him, the world’s largest cryptocurrency had been stuck in no-man’s land for over a week, oscillating within a $600 range before breaking through an $8,000 barrier against the US dollar earlier this week.
“This could indicate that bitcoin is on the verge of the next bull run. Cyrpto history teaches us that periods of low volatility come directly before extended crypto bull runs,” he said.
Green added that, along with bitcoin, the wider crypto markets and other cryptocurrencies such as Ethereum, XRP and Litecoin would see a boost.
“Although volatility will return, as it does in all financial markets, I think we’re experiencing a fundamental shift and, overall, the crypto market will have less turbulent bouts in the future. This is essential for the cryptocurrency sector long-term as it will further encourage mass adoption and institutional investment,” Green said.
“Of course, no-one knows for sure when the next crypto run will happen, but current relative low volatility suggest it is imminent. What we do know for sure, however, is the cryptocurrencies are the future of money.”