Bitcoin (BTC) could reach as much as $100,000 in the next six months according to Florian Grummes, the managing director of the investment advisory firm Midas Touch Consulting. During an interview with Kitco News, he stated that we are currently in a consolidation period but that the bull market could continue in the fourth quarter of this year.
Could Bitcoin Move Towards $100,000?
Over the last years, we have seen Bitcoin moving higher. Starting in early 2020 with the COVID-19 crash and until a few months ago, Bitcoin was in a bull market. This can be seen in the way in which the digital asset behaved and how it expanded from $3,800 to over $64,000 in May 2021.
The expert said that Bitcoin could continue moving higher due to the fact that it is still a relatively new asset class. Moreover, Bitcoin is also a new technology that could continue attracting investors in the coming years.
Despite that, the analyst said that he has seen some sort of greediness in the last few weeks as Bitcoin jumped close to $20,000 without a large correction. Thus, it might be possible for Bitcoin to retrace before continuing its move higher in the next months.
The analyst mentioned that this price is a very important psychological level that could attract new investors. As the digital asset could surpass that level, larger investors could try to gain exposure to the virtual currency and push the price even higher.
Despite that, volatility would remain for Bitcoin. Retracements could be as large as 70%. This usually happens after an extended bull market in the crypto industry. For example, after reaching $20,000 in 2017, Bitcoin retraced to $3,200 a year later.
But Grummes didn’t stop here with the price predictions. He mentioned that the largest virtual currency could also surpass $1 million. This could happen at a moment in which the US dollar would lose part of its value due to higher inflation rates. Nonetheless, this might take some time before it happens.
At the time of writing this article, Bitcoin is being traded close to $48,500 without large changes compared to recent days. The entire crypto market is operating stably and no digital asset is registering large gains in the last 24 hours, with the exception of LUNA, which grew by more than 18% in the last 24 hours.
Source: Read Full Article