Florian Grummes, managing director of investment advising firm Midas Touch Consulting, expects bitcoin’s price would skyrocket to $100,000 within six months, following a time during which it could fall to a $25,000 low.
During an interview with Kitco News, Grummes stated that the recent increase in cryptocurrency prices is to be expected and recommended investors to approach BTC with prudence rather than leaping in, as he anticipates a short-term correction.
The managing director observed that the current recovery is typical of cryptocurrency “after a first sell-off,” and he anticipates another sell-off that could push BTC to $25,000. He warned, though, that bitcoin might reverse course and surge upward at any point. According to him, “$100,000 is almost certainly going to happen within the next six months.”
The expert stated that if bitcoin’s price reaches $100,000, he expects it to start a historical pattern that might see it climb even more as investors seek exposure to the cryptocurrency. However, it may also undergo sell-offs of up to 70% at that time.
Grummes claimed that by then, the main cryptocurrency’s volatility will be substantially lower than it is now, despite the fact that BTC will continue to experience dramatic fluctuations. He envisions it trading for $1 million or more in a few years.
His price estimate comes as bitcoin seeks to break through the $50,000 barrier yet again, but appears to be failing. BTC is currently trading at $47,400, having recovered from a $30,000 low earlier this year, according to CryptoCompare data.
As previously reported by Bloomberg, Bloomberg analyst Mike McGlone believes both Bitcoin and Ethereum are in “discounted bull markets” that have solidified their support bases in June and July and are poised to resume their upward price trajectory in the near future, with BTC potentially reaching $100,000.
Similarly, popular pseudonymous crypto analyst “KALEO” stated why he believes Bitcoin would beat technology companies and that the Bitcoin price will eventually surpass $100,000.
Also Read: Australia Still Working On A Crypto Travel Legislation To Track User Funds
Wallets