Florian Grummes, the managing director of an investment advisory firm, Midas Touch Consulting, has predicted that the price of the flagship cryptocurrency, Bitcoin (BTC), has the potential to hit $100,000 within the next six months.
He, however, stated that the top cryptocurrency could drop to $25,000 level before printing the magnificent uptrend to $100,000 level.
In a recent interview with Kitco News, Grummes advised investors to carefully watch Bitcoin (BTC) rather than being hasty to put their hard-earned money as he expects the price to nosedive once again, but in the short-term.
According to the Midas Touch Consulting managing director, the bounce that recently played out is typical in cryptocurrency after a first sell-off. He pointed out that he expects a new sell-off that could bring Bitcoin (BTC) down to the $25,000 level. Howbeit, he stated that at any time after the drop, Bitcoin could make a magnificent uptrend to $100,000, which could play out within the next six months.
Grummes further stated that if Bitcoin (BTC) surges to hit $100,000, it’s expected to enter a historical trend to higher highs. At the same time, the analyst pointed out that it could also experience sell-offs of up to 70%.
After the trend, Grummes believes that the volatility of Bitcoin (BTC) will experience a notable reduction compared to what we are seeing now. He also believes that Bitcoin has the potential to hit $1 million and more in a few years.
His prediction comes at a time when Bitcoin (BTC) is struggling to surge beyond the $50,000 mark once again. At the time of press, BTC is trading at $48,636, with a relatively 1% price downtrend in the last 24 hours, according to CoinMarketCap.