Bitcoin (BTC) hasn’t been in its best state lately, falling from a high of over $69,000 to the current price of around $19,174. While the coin has lost over 71% of its value since November 2021, some key experts believe it’ll lose more before finding stability again.
According to Florian Grummes, the managing director of Midas Touch Consulting, the pioneer crypto may fall below $10k. He further stated that it might reach $6k before finding support and start gaining traction.
Midas Touch Consulting Founder Not Bullish About Bitcoin
Grummes is not bullish about bitcoin’s short-term future as he believes the coin will only see correction until it reaches $6k. He said:
It’s my worst case right now [Bitcoin at $6,000]. I wouldn’t rule it out. I think $10,000 is probably what’s going to happen, and then we’re going to see a nice bounce and maybe another test of the $10,000 to $15,000 range, like a double low at some point, and that would be then the final end of the crypto winter, but it still takes time I don’t think it’s happening anytime soon.
The finance expert expressed his views in an interview with KITCO News on October 11. He also noted that there are many factors that could affect the price of bitcoin, such as the current market volatility and liquidation sentiments. He added that the cryptocurrency would see several small pumps along its way to $6k. The expert also noted that it’d take a special event to push Bitcoin and the entire crypto market out of the crypto winter.
Bitcoin’s price is currently trading around $19,000. Source: BTCUSD price chart from TradingView.com
The investment advisory firm’s founder also shared his skepticism over bitcoin’s ability to reach its previous high of nearly $69k. Grummes noted that uncertainty and liquidity crisis currently plaguing the crypto industry might hinder the coin from reaching its former glory days. He said:
If this whole crypto sector can recover like it should or did in the past, then once the halving has happened, the whole sector likely will be in the new bull market. <…> Bitcoin has been going up since 2009 relentlessly <…> Fundamentally speaking, regulation, of course, could be basically preventing a real new bull market.
Bitcoin’s popularity has been waning due to the current financial turmoil. As the US faces its highest inflation levels in recent times, the Feds introduced quantitative tightening to help keep it under control. This is one of the main causes of the current crypto winter. While some experts see Bitcoin as an inflation hedge, Grummes is placing his bet on Gold.
However, the expert thinks there’s hope for the coin. According to Grummes, a crypto winter will normally last between twenty-four and twenty-seven months. Grummes predicts that a genuine bull market is roughly a year away since the market is still one year into the winter.
Related Reading: Bitcoin Boredom Causes Trading Volume To Dive 38% From September Highs
He continues to believe that the worst-case scenario is the testing of the $6,000 price level. Florian Grummes predicts a market upswing in the weeks leading up to the second Bitcoin halving in May 2024.
Featured image from Pixabay and chart from TradingView.com
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