investment advisory firm Midas Touch ConsultingFlorian Grummes, managing director of , thinks that BTC’s next bull run will not happen anytime soon, despite the small gains in Bitcoin price recently.
Speaking in an interview with Kitco News on July 23, Grummes said the next rally is scheduled for May 2024. Bitcoin halving claimed to take place six to 12 months before its event.
According to the investment expert; The current sentiment in the markets suggests that Bitcoin could be ready for a “help rally” in the summer, potentially reaching $35,000 while emphasizing that the crypto winter is far from over.
“But if we look at the picture more broadly, especially bitcoin I think we are still in a crypto winter for the market and it takes some time to recover in such markets. I expect the next rally to happen around May 2024 and that means we have to wait for the Bitcoin halving. As you can see, we have an average of two more years ahead of us…
I think realistically, crypto markets should wait another six to twelve months before they’re really ready for a big new bull market. In the meantime, the price can easily rise to $25,000 or even $35,000.”
Bitcoin is in Recovery Mode
In a prediction based on the current Bitcoin price action, the expert pointed out that crypto is in a recovery mode in conjunction with the stock market and investors should expect surprises to the upside and downside.
Explaining its long-term expectations, Grummes; He stated that the increasing adoption of institutions and investment inflows will support the next bull run, noting that it has a bullish trend for Bitcoin. However, all of this will also depend on the Federal Reserve’s ability to rein in inflation.
The expert investor had previously predicted that the $100,000 level is an ideal level that could be realized by Bitcoin’s second quarter of 2022.
Price Struggles With $20,000
However, Bitcoin and the overall crypto market smashed the forecasts expected in the first half of 2022 and fell. Notably, Bitcoin gained attention, losing 56% in value, recording its worst return in a quarter in the second quarter of 2022. At the time of writing, the asset was trading at $22,700 after losing more than 3% in the last 24 hours.
As Koinfinans.com previously reported, crypto expert Michaël van de Poppe stated that Bitcoin had to break the key resistance at $23,800 in order to rise to $28,000.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, KoinFinans and the author of this content cannot be held responsible for personal investment decisions.