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.
Midas Touch Consulting’s managing director, Florian Grummes said that the price of the pioneer cryptocurrency could fall to $10k. It could reach $6k, he stated.
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 claimed:
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.
An interview with the financial expert was conducted. Interview KITCO News, October 11. He noted, however that many factors could impact the bitcoin price such as market volatility or liquidation sentiments. The cryptocurrency will see several small pump along the way to $6k, he said.Source: BTCUSD chart at TradingView.com The expert also noted that it’d take a special event to push Bitcoin and the entire crypto market out of the crypto winter.
Florian Doesn’t See Bitcoin Reach $69k
The investment advisory firm’s founder also shared his skepticism over bitcoin’s ability to reach its previous high of nearly $69k. Grummes observed that uncertainty is a problem. Liquidity crisisThere are many issues that could hinder cryptocurrency’s return to its old glory days. He added:
If the crypto market can rebound like it has in the past then the whole sector will most likely enter the new bull markets. <…> Bitcoin has been going up since 2009 relentlessly <…> Fundamentally speaking, regulation, of course, could be basically preventing a real new bull market.
BTC: There is a little hope
Bitcoin’s popularity has been waning due to the current financial turmoil. The US is facing its greatest challenge in years. highest inflation levelsIn recent years, the Feds have introduced quantitative tightening in an effort to keep things under control. It is this factor that has led to the crypto-winter. Grummes, on the other hand, sees Bitcoin as an inflation hedge.
However, the expert thinks there’s hope for the coin. Grummes says that the average crypto winter lasts between 24 and 27 months. Grummes says that the real bull market will not be realized until at least one year after the current winter.
Grummes believes that testing the $6,000 price point is the best-case scenario. Florian Grummes anticipates an upswing of the markets in the weeks before the May 2024 second Bitcoin-halving.
Featured image taken from Pixabay. Chart from TradingView.com