Florian Grummes, managing director of investment advisory firm Midas Touch Consulting, said: of bitcoin (BTC) Despite their small rise in recent years, the world’s largest cryptocurrency believes that the next bull run will take longer.
Grummes In An Interview Points To May 2024 For Bitcoin’s Next Rally
Speaking to Kitco News during an interview on July 23, Grummes suggested that the next rally will likely occur in six to 12 months before the Bitcoin halving event, which is scheduled for May 2024.
According to the professional trader, the current market sentiment indicates that Bitcoin could make a ‘relaxation rally’ in the summer and possibly reach $35,000, emphasizing that the crypto winter is far from over.
Grummes explained his thoughts as follows:
“However, in a broader context, I think we’re in the crypto winter on Bitcoin, and it usually takes some time for such cryptocurrencies. We’ll probably have to wait until the next Bitcoin halving, which is expected to happen in May of 2024.
So it will be about two years from now. I think realistically, it will take at least another six to 12 months before this market is ready for a big new bull market.
It can go up to $25,000 or even $35,000.”
Also, based on the current Bitcoin price action, Grummes suggested that BTC is in a recovery mode in correlation with the equity market, while warning that investors should expect surprises to the upside and downside.
In the longer term, Grummes stated that Bitcoin is in a bullish trend, noting that increased adoption and the entry of institutions will support the next bull run, but it all depends on the Fed’s handling of inflation.
Grummes previously pointed to $100,000 as the next record high Bitcoin will reach in the first quarter of 2022.
*Not investment advice.