Bitcoin

Advisory Firm Managing Director: Bitcoin (BTC) Will Hit $100,000 in Six Months, $1 Million in A Few Years

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.

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Solomon Odunayo

Solomon is a trader, crypto enthusiast, and analyst with over four years of experience in the industry. He strongly believes that crypto assets and the blockchain will continue to gain prominence. At TimesTabloid.com, he focuses on news, articles with deep analysis of blockchain projects, and technical analysis of crypto trading pairs.