On Friday, Bitcoin (CRYPTO: BTC) broke below the $42,000 level to a low of $38,805.85. The sudden drop occurred after the apex crypto had been building upward momentum for the previous week.
So far, Bitcoin is down about 15% in 2022 YTD, and is off more than 40% from its record high of near $69,000 reached in November 2021.
According to financial advisory firm deVere Group CEO Nigel Green, Bitcoin is set to move higher, and will likely surge to $50,000 by the end of this month.
Also See: Ukraine And Russia Are Buying Crypto As Never Before: Arcane Research
In a recent blog post, Green said that Bitcoin is likely to hit the $50,000 level in March due to escalating geopolitical tensions and growing interest from blue-chip investors.
“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. It’s still too early to tell whether it will then go on to reach the all-time highs of $68,000 from November 2021,” Green said.
He also said the price of Bitcoin would rise because the ongoing Russian-Ukrainian war in Eastern Europe has caused financial institutions to shut down or delay their operations.
“The Ukraine-Russia situation has caused significant financial upheaval and individuals, businesses and indeed government agencies – not just in the region but globally – are looking for alternatives to traditional systems,” he said.
Green said that another catalyst for Bitcoin’s climb is that institutional investors are now pouring more money into the nascent industry.
Latest Price Action: On Saturday, Bitcoin was trading at $39,337.68, down 3.59% in a 24-hour period.
Photo: Simple FX on flickr
