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DeVere CEO Predictions: Bitcoin’s Dominance Will ‘Drastically’ Decline

October 26, 2018 at 19:04 by Arathur Stephen

Nigel Green, the CEO, and co-founder of a global financial consultancy firm, the deVere Group has recently said that the crypto industry will grow by a massive 5,000% over the next 10 years. He also believes that Bitcoin’s (BTC) dominance in the cryptocurrency market will continue to fall drastically during the same period.

It is worthy of note, however, that Green’s forecast and insight into how the crypto asset market will evolve come just one week prior to the 10-year anniversary of the release of the Bitcoin whitepaper.

Bitcoin “Kick-Started” Crypto Revolution

While commenting on the nearly 10 years of Bitcoin whitepaper’s existence and what the digital currency had already accomplished in terms of disrupting the world of finance and business, Green said:

Next week Bitcoin, the original and still largest cryptocurrency by market capitalization, celebrates its 10th anniversary. Bitcoin is what kick-started the crypto revolution and it has changed the way the world makes transactions, does business, and manages assets, among other things, for ever. It all began with Bitcoin.

Although the CEO was careful in acknowledging Bitcoin’s role in the financial revolution that is just beginning, he did say that Bitcoin’s dominance was likely to decline over the coming 10-year period. What is the reason for his prediction? Competition! He was quoted as saying:

I believe that Bitcoin’s influence and dominance of the cryptocurrency sector will drastically reduce in its second decade. This is because as mass adoption of cryptocurrency grows, more and more digital assets will be launched – by organisations in both the private and the public sectors. This will increase competition for Bitcoin and dent its market share

The CEO also added that the number one digital currency would likely lose market share due to more advanced technology that may not be available, yet providing matchless efficiency for Bitcoin. Green continued:

It is likely that Bitcoin will be hit by the superior technology, features, and problem-solutions, offered by existing and yet-to-be-released cryptocurrencies. There’s an ongoing shift away from fiat money, and the momentum of this is only set to increase over the next 10 years.

However, if Green’s views are anything to go by, that Bitcoin will lose some of its dominance over the space of 10 years, it seems unlikely that no project will ever be able to provide what the virtual coin does.

Bullish Predictions

The CEO further stated that more private and public business entities, and even traditional financial institutions, will contribute to the fast-evolving crypto space. He noted:

The pace of mass adoption will speed up and the cryptocurrency market cap can reasonably be assumed to reach at least 5000% above its current valuation over the next decade.

Moreover, Tim Draper, a billionaire venture capitalist has expressed his bullish views regarding the nascent nature of the cryptocurrency industry on many occasions. Draper did compare the current development of the Bitcoin ecosystem to the gradual growth and adoption of the internet.

The billionaire has predicted that their market capitalization will balloon to $80 trillion in the next 15 years at the same time acknowledging that crypto technology needs to mature and that it will take quite some time before more people are aware of and understand virtual currencies.

BTCUSD Technical Forecast

Bitcoin price is still range bound above the $6,500 price level. So far, there had been no price movement as the anticipated levels of $6,000, $6,800 and $7,400 remains unbroken.

The 12-day Exponential Moving Average (EMA) and the 26-day EMA are flat horizontally along with the price bars showing that the price is neither rising nor falling. Meanwhile, the Doji and Spinning tops candlesticks show the indecision between buyers and sellers. However,  a price breakout is imminent in the coming days.

In addition, BTCUSD is below the 12-day EMA and the 26-day EMA, thus showing that the price is likely to decline. Also, the Relative Strength Index (RSI) period 14 is level 49 which indicates that the price is in the sideways trend zone. The digital coin is most likely to maintain its range bound movement.

While on the short-term trend, Bitcoin price is range bound above the $6,500 price level. The price bars and the EMAs are flat horizontally, thus indicating a sideways trend. The Bitcoin price is neither below nor above the 12-day EMA and the 26-day EMA which show that the price is in the sideways trend.

If you have any questions and comments on Bitcoin today, use the form below to reply.

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