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.
Read Also: deVere Group CEO: Ethereum (ETH) Value Will Overtake That Of Bitcoin (BTC) Within Five Years
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.
Read Also: PayPal Extends Bitcoin, Ethereum, Bitcoin Cash, and Litecoin Payment Services to United Kingdom (UK)
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.
Follow us on Twitter, Facebook, Telegram, and Download Our Android App
The cryptocurrency world is always abuzz with speculation about where prices will go next. Terra…
A college dropout's serendipitous venture into Ethereum investment led him to amass millions, showcasing the…
The ongoing legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC) reaches…
Zurich, Switzerland, May 3rd, 2024, ChainwireGalaxis is preparing for this month's token launch on Bybit,…
BlockDAG has raised the bar in the cryptocurrency market by launching new payment options and…
Following Shiba Inu’s 3.6% climb over the past 24 hours, the community is excited and…