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Bitcoin (BTC) hasn’t been in its greatest state these days, falling from a excessive of over $69,000 to the present worth of round $19,174. While the coin has misplaced over 71% of its worth since November 2021, some key specialists consider it’ll lose extra earlier than discovering stability once more.

According to Florian Grummes, the managing director of Midas Touch Consulting, the pioneer crypto might fall under $10k. He additional acknowledged that it would attain $6k earlier than discovering help and begin gaining traction.

Midas Touch Consulting Founder Not Bullish About Bitcoin

Grummes shouldn’t be bullish about bitcoin’s short-term future as he believes the coin will solely see correction till it reaches $6k. He mentioned:

It’s my worst case proper now [Bitcoin at $6,000]. I wouldn’t rule it out. I feel $10,000 might be what’s going to occur, after which we’re going to see a pleasant bounce and possibly one other take a look at of the $10,000 to $15,000 vary, like a double low sooner or later, and that will be then the ultimate finish of the crypto winter, but it surely nonetheless takes time I don’t suppose it’s taking place anytime quickly.

The finance skilled expressed his views in an interview with KITCO News on October 11. He additionally famous that there are numerous elements that would have an effect on the value of bitcoin, similar to the present market volatility and liquidation sentiments. He added that the cryptocurrency would see a number of small pumps alongside its technique to $6k. The skilled additionally famous that it’d take a particular occasion to push Bitcoin and all the crypto market out of the crypto winter.

Florian Doesn’t See Bitcoin Reach $69k

The funding advisory agency’s founder additionally shared his skepticism over bitcoin’s capability to succeed in its earlier excessive of practically $69k. Grummes famous that uncertainty and liquidity crisis at the moment plaguing the crypto trade may hinder the coin from reaching its former glory days. He mentioned:

If this complete crypto sector can recuperate prefer it ought to or did up to now, then as soon as the halving has occurred, the entire sector doubtless shall be within the new bull market. <…> Bitcoin has been going up since 2009 relentlessly <…> Fundamentally talking, regulation, after all, may very well be mainly stopping an actual new bull market.

A Little Hope For BTC?

Bitcoin’s recognition has been waning as a result of present monetary turmoil. As the US faces its highest inflation levels in current instances, the Feds launched quantitative tightening to assist maintain it beneath management. This is among the major causes of the present crypto winter. While some specialists see Bitcoin as an inflation hedge, Grummes is inserting his guess on Gold. 

However, the skilled thinks there’s hope for the coin. According to Grummes, a crypto winter will usually final between twenty-four and twenty-seven months. Grummes predicts {that a} real bull market is roughly a 12 months away for the reason that market continues to be one 12 months into the winter.

He continues to consider that the worst-case state of affairs is the testing of the $6,000 worth degree. Florian Grummes predicts a market upswing within the weeks main as much as the second Bitcoin halving in May 2024.

Featured picture from Pixabay and chart from TradingView.com