Bitcoin (BTC), after a sharp drop in 2022, has been trying to recover between $20,000 and $30,000 with a significant increase since the beginning of this year. Financial expert Dave Weisberger claimed that various institutional and macro factors that will take Bitcoin out of this consolidation range have emerged.
Dave Weisberger Lists Factors that Will Boost Bitcoin
CoinRoutes CEO and financial expert Dave Weisberger emphasized the significant institutional and macro developments that have emerged for Bitcoin to break out of the range of $20,000 to $30,000 it has been stuck in for months in an interview with David Lin on October 19 on YouTube. Lin said, “We see conditions that create a truly perfect storm for BTC. It provides real protection for reliable institutional investors.”
Weisberger stated that a number of factors have come together for this “storm,” such as reliable institutions like banks and governments where the feeling of insecurity continues, the current macro environment characterized by increasing interest rates and inflation. He also added that the increasing institutional adoption of BTC is also a significant factor. The CEO of CoinRoutes believes that all these factors combined will increase the price of Bitcoin in the long run. However, he also noted that Bitcoin is still a highly volatile asset in the short term and its price can make sharp movements.
In one part of the interview, Weisberger also expressed that the upcoming block reward halving in April 2024 will have a significant impact on the price for the next year.
Bitcoin’s Long-Term Outlook is Positive According to Financial Expert
Weisberger also addressed whether Bitcoin is a risky asset or an asset that provides risk aversion. He emphasized that Bitcoin has historically been a risky asset, meaning it tends to move along with other risky assets such as stocks. However, he said that the largest cryptocurrency has been seen more as a safe haven over the years, meaning it is preferred as a safe haven during periods of economic uncertainty.
The financial expert expects a rise in Bitcoin in the long run and believes that Bitcoin will be used as a global currency in the future. Additionally, Weisberger predicted that Bitcoin will surpass gold in terms of market value at some point. Interestingly, he invited investors to trade not based on crowd psychology, that is, without looking at what the majority of the market is doing.
