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Bitcoin (BTC) has not been in its best shape lately, falling from a high of over $69,000 to its current price of around $19,174. While the coin has lost more than 71% of its value since November 2021, some leading experts believe it will lose more before finding stability again.
According to Florian Grummes, the director of Midas Touch Consulting, the pioneer crypto could fall below $10k. He further stated that it could hit $6k before finding support and gaining traction.
Founder Midas Touch Consulting not optimistic about Bitcoin
Grummes is not optimistic about bitcoin’s near-term future as he believes the coin will only see correction until it hits $6k. He said:
It’s my worst case 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 the final end of crypto winter, but it still takes time, I don’t think it will happen anytime soon.
The financial expert gave his opinion in a interview with KITCO News on October 11. He also noted that there are many factors that can influence the price of bitcoin, such as current market volatility and liquidation sentiments. He added that the cryptocurrency would see several small pumps on its way to $6k. The expert also noted that it took a special event to push Bitcoin and the entire crypto market out of the crypto winter.
Florian Doesn’t See Bitcoin $69k. to achieve
The investment advisory firm’s founder also shared his skepticism about bitcoin’s ability to hit its previous high of nearly $69k. Grummes noted that uncertainty and liquidity crisis currently plaguing the crypto industry could prevent the coin from reaching its former glory days. He said:
If this entire crypto sector can recover as it should or did in the past, then the entire sector will likely be in the new bull market once the halving has happened. <…> Bitcoin has risen relentlessly since 2009 <…> Fundamentally speaking, of course, regulation could prevent a real new bull market.
A little hope for BTC?
Bitcoin’s popularity is declining due to the current financial turmoil. While the US faces its highest inflation levels recently, the Feds have introduced quantitative tightening to keep it under control. This is one of the main causes of the current crypto winter. While some experts see Bitcoin as an inflation hedge, Grummes puts his bet on gold.
However, the expert thinks there is hope for the coin. According to Grummes, a crypto winter normally lasts between twenty-four and twenty-seven months. Grummes predicts that a true bull market will be about a year away, as the market is still in winter for another year.
He continues to believe that the worst case scenario is testing the $6,000 price level. Florian Grummes predicts a market rebound in the weeks leading up to the second Bitcoin halving in May 2024.
Featured image from Pixabay and chart from TradingView.com