BTC Confirms Correction Below $1 Million, Predicts Midas Founder

Bitcoin (BTC) has not been at its best recently, falling from highs above $69,000 to its current low of around $19,174. The coin has lost more than 71% of its value since November 2021, but some leading experts believe it will lose more before stabilizing again.

According to Florian Grummes, managing director of Midas Touch Consulting, Pioneer’s cryptocurrency could drop below $10,000. He further said that it could reach $6,000 before finding support and starting to gain traction.

Midas Touch Consulting Founder Not Bullish About Bitcoin

Grummes is not bullish on Bitcoin’s near-term future, believing it will only correct itself until it hits $6,000. He said:

this is my worst case [Bitcoin at $6,000]I do not rule it out. I think maybe $10,000 will happen. After that, we will see a good bounce and another test of the $10,000 to $15,000 range, like a double low at some point. It’s crypto winter, but it still takes time. I don’t think it will happen anytime soon.

A financial expert shares his view interview He also noted that there are many factors that could influence the price of Bitcoin, including current market volatility and liquidation sentiment. He added that the cryptocurrency will see some small pumps on its way to $6,000. pointed out that it would be

Florian does not see Bitcoin reaching $69,000

The investment advisory firm’s founder is also skeptical about Bitcoin’s ability to reach its previous high of around $69,000. liquidity crisis What is plaguing the crypto industry right now could prevent the coin from returning to its former glory days.

If this entire crypto sector can recover as it has or in the past, the sector as a whole will likely enter a new bull market once the halving is over. <…> Bitcoin has been on a steady rise since 2009 <…> Fundamentally, of course, regulation could fundamentally prevent a true new bull market.

A little hope for BTC?

Bitcoin’s popularity is declining due to the current financial turmoil. As the United States faces highest rate of inflation Most recently, the Federal Reserve introduced quantitative tightening to help bring it under control. While some experts see Bitcoin as an inflation hedge, Grummes is betting on gold.

However, experts believe there is hope in the coin. According to Grummes, a crypto winter typically lasts 24-27 months. Grummes predicts that a full-fledged bull market is about a year away, as he’s been a year since the market was still in winter.

He continues to believe the worst case scenario is testing the $6,000 price level. Florian Grummes predicts a market rally in the weeks leading up to his second Bitcoin halving in May 2024.

Featured image from Pixabay and chart from TradingView.com