Florian Grummes, general manager of investment consultancy firm Midas Touch Consulting, made important statements. Accordingly, the financial expert shared price predictions for the leading cryptocurrency Bitcoin. According to him, BTC is heading towards new lows. Here are the details…
“Bitcoin is going to these lows”
Grummes warns investors that the Bitcoin price could correct to $10,000. According to him, the price situation is giving appropriate signals to produce a new bottom at this level. According to him, the price drop seems to find a support at $10,000. However, this support is likely to be lost, according to Grummes. The expert predicts that if such a thing happens, the BTC price may drop to the level of $ 6,000. If that happens, BTC will have visited a level it hasn’t seen in years.
Speaking in an interview on October 11, Grummes also touched on the possibility of recovery for Bitcoin. According to him, it is possible for Bitcoin to rise with small rebounds before the price drops. However, he adds that these rises will not cause the leading cryptocurrency to return to the bull season. The expert says it takes much more than small spikes to end the BTC bear market:
“The worst-case scenario right now is for BTC to drop to $6,000. I’m not excluding this possibility, but I think $10,000 will likely be the lowest level. We’ll see a nice splash after that. Maybe at some point we will see another test like a double bottom in the $10,000 to $15,000 range. And that will be the final test then. Meanwhile, it will still take more than that for the crypto winter to end. I don’t think the bear market will end anytime soon.”
“BTC may never see $69,000 again”
In addition, Grummes also talked about bullish events such as the halving that will take place in 2024. According to him, despite these events, it is possible that Bitcoin will not regain $ 69,000. As we reported on Kriptokoin.com, BTC reached an all-time high of $ 69,000 in November 2021. Grummes noted that there are some factors that are likely to hinder BTC’s price rise. According to him, these factors include liquidity crisis and regulatory uncertainty:
“The entire crypto industry should recover as it should in the past. If that happens, when the halving happens, the entire industry will likely enter the new bull market. Currently, BTC has been rising steadily since 2009. But basically speaking, regulations can prevent a true new bull market.”
“Bitcoin is still not the ultimate inflation asset”
Continuing his words, the financial expert said that gold continues to be the ultimate store of value. According to him, Bitcoin still hasn’t been a hedge against inflation. Previously, Grummes predicted that Bitcoin’s bull run would likely return within a year. However, he warned investors to expect surprises on the upside and downside as the crypto winter continues. Meanwhile, the coin was trading at $19,116, down 0.30% at the time of writing.
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