The managing director of investment consulting firm Midas Touch Consulting, Florian Grummes, predicted a $100,000 price tag for Bitcoin over the next 6 months, with a possible drop after a short period.
Speaking to Kitco News, he cautioned investors to treat the current rise seen recently with caution, noting that another correction could welcome the main asset in the near future, before advancing to a new all-time high.
BTC will reach $100,000 in 6 months
Grummes described the rally over the past five weeks as a good, strong bounce and said the $100,000 level was the conservative target. He said:
What we’ve experienced in the last five weeks is a strong and good leap that is [típico] in cryptocurrency after a first sale. another sale [poderia se estender] to $25,000. This is still possible; otherwise, Bitcoin hovers around $35,000 and back to $60,000, and the bull market continues. I think $100,000 will probably happen in the next six months.
Grummes goes on to describe what the market should expect if Bitcoin reaches the predicted level. He said that when core assets trade at $100,000, it will be a historic time to see more inflows from investor funds. However, there can be massive sales.
In his view, volatility will reduce despite potential violent swings, and world-class assets could reach $1 million in a few years.
That prediction is coming as Bitcoin hopes to hit the $50,000 mark again, after a brief rebound a few weeks ago. According to Grummes, the current price movement indicates that the cryptocurrency is winter or is approaching $100,000. As of this writing, Bitcoin was changing hands for over $48,420.95.
In addition, he noted that Bitcoin excess sales were responsible for the recent rally. Saying that the sector is maturing, having survived the traumas of China, which he says impacted mining activity.