Florian Grummes, general manager of investment consultancy firm Midas Touch Consulting, made important statements. Accordingly, the financial expert shared price predictions for the leading cryptocurrency Bitcoin. According to him, BTC is heading towards new lows. Here are the details…
“Bitcoin is going to these lows”
Grummes warns investors that the Bitcoin price could correct to $10,000. According to him, the price situation is giving appropriate signals to produce a new bottom at this level. According to him, the price drop seems to find a support at $10,000. However, this support is likely to be lost, according to Grummes. The expert predicts that if such a thing happens, the BTC price may drop to the level of $ 6,000. If that happens, BTC will have visited a level it hasn’t seen in years.
Speaking in an interview on October 11, Grummes also touched on the possibility of recovery for Bitcoin. According to him, it is possible for Bitcoin to rise with small rebounds before the price drops. However, he adds that these rises will not cause the leading cryptocurrency to return to the bull season. The expert says it takes much more than small spikes to end the BTC bear market:
“The worst-case scenario right now is for BTC to drop to $6,000. I’m not excluding this possibility, but I think $10,000 will likely be the lowest level. We’ll see a nice splash after that. Maybe at some point we will see another test like a double bottom in the $10,000 to $15,000 range. And that will be the final test then. Meanwhile, it will still take more than that for the crypto winter to end. I don’t think the bear market will end anytime soon.”
“BTC may never see $69,000 again”
In addition, Grummes also talked about bullish events such as the halving that will take place in 2024. According to him, despite these events, it is possible that Bitcoin will not regain $ 69,000. cryptocoin.com As we reported, BTC hit an all-time high of $69,000 in November 2021. Grummes noted that there are some factors that are likely to hinder BTC’s price rise. According to him, these factors include liquidity crisis and regulatory uncertainty:
“The entire crypto industry should recover as it should in the past. If that happens, when the halving happens, the entire industry will likely enter the new bull market. Currently, BTC has been rising steadily since 2009. But basically speaking, regulations can prevent a true new bull market.”
“Bitcoin is still not the ultimate inflation asset”
Continuing his words, the financial expert said that gold continues to be the ultimate store of value. According to him, Bitcoin still hasn’t been a hedge against inflation. Previously, Grummes predicted that Bitcoin’s bull run would likely return within a year. However, he warned investors to expect surprises on the upside and downside as the crypto winter continues. Meanwhile, the coin was trading at $19,116, down 0.30% at the time of writing.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram and YouTube join our channel!
Risk Disclosure: The articles and articles on Kriptokoin.com do not constitute investment advice. Bitcoin and cryptocurrencies are high-risk assets, and you should do your own research and due diligence before investing in these currencies. You can lose some or all of your money by investing in Bitcoin and cryptocurrencies. Remember that your transfers and transactions are at your own risk and any losses that may occur are your responsibility. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, assets or services in this article.
Disclaimer: Advertisements on Kriptokoin.com are carried out through third-party advertising channels. In addition, Kriptokoin.com also includes sponsored articles and press releases on its site. For this reason, advertising links directed from Kriptokoin.com are on the site completely independent of Kriptokoin.com’s approval, and visits and pop-ups directed by advertising links are the responsibility of the user. The advertisements on Kriptokoin.com and the pages directed by the links in the sponsored articles do not bind Kriptokoin.com in any way.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.