The managing director of the investment consultancy Midas Touch Consulting, Florian Grummes, has predicted a $ 100,000 price mark for Bitcoin over the next 6 months, with a possible decline in a short period of time.
When speaking to Kitco NewHe cautioned investors to be cautious about the recent surge, noting that the flagship asset could soon face another correction before hitting a new all-time high.
BTC will hit $ 100,000 in 6 months
Describing the past five weeks’ recovery as a nice and strong rebound, Grummes claimed the $ 100,000 mark was the conservative target. He said, “What we’ve seen in the past five weeks is a nice, strong jump, that is [typical] in crypto after an initial sell-off. Another sale [could extend] to $ 25,000. That is still possible; Otherwise, Bitcoin flips around at $ 35,000 and goes back to $ 60,000 and the bull market continues. I think $ 100,000 is likely to happen in the next six months. “
Grummes continues to describe what the market should expect when Bitcoin hits the forecast level. He said it would be a historic moment when the flagship asset trades at $ 100,000 to attract more funds from investors. However, there can be massive sell-offs.
In his opinion, despite potential wild fluctuations, volatility will decrease and the world-class asset could reach as high as $ 1 million in a few years.
That prediction comes at the point when Bitcoin is about to hit the $ 50,000 mark again after a brief rally a few weeks ago. According to Grummes, the current price movement suggests that crypto is winter or on its way to $ 100,000. At the time of writing, Bitcoin changed hands at over $ 47,400.
In addition, he noted that Bitcoin oversold was responsible for the recent rally. He said the sector is maturing after surviving China’s trauma, which he believed was affecting mining activities.
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