According to Florian Grummes, managing director of investment advising firm Midas Touch Consulting, Bitcoin (BTC) might hit $100,000 in the next six months. He noted in an interview with us that we are now in a consolidation stage, but that the bull market might continue in the fourth quarter of this year.
Could Bitcoin Reach $100,000?
Bitcoin has risen in value over the last few years. Bitcoin was in a bull market from early 2020, when the COVID-19 crash occurred, until a few months ago. This can be observed in how the digital asset behaved and how it grew from $3,800 to more than $64,000 in May 2021.
Because Bitcoin is still a relatively new asset class, the expert believes it will continue to rise. Furthermore, Bitcoin is a novel technology that may continue to attract investors in the next years.
Despite this, the expert stated that he has observed some greed in the last several weeks as Bitcoin has risen close to $20,000 without a significant drop. As a result, Bitcoin may be able to retrace before restarting its upward trend in the coming months.
According to the analyst, this price is a critical psychological milestone that could entice new investors. As the digital asset approaches that level, larger investors may try to obtain exposure to it, pushing the price even higher.
Despite this, Bitcoin will continue to be volatile. Retracements of up to 70% are possible. This normally occurs after a prolonged bull market in the cryptocurrency business. For example, after reaching $20,000 in 2017, Bitcoin fell to $3,200 the following year.
Grummes, however, did not stop there with his price estimates. He also mentioned that the largest virtual currency may be worth more than $1 million. This could occur at a time when the US dollar is losing some of its value due to increasing inflation rates. Nonetheless, it may take some months before this occurs.
At the time of writing, Bitcoin was trading about $48,500, with no significant moves from the previous day. The whole crypto market is stable, and no digital asset has made significant gains in the last 24 hours, with the exception of LUNA, which has increased by more than 18 percent in the last 24 hours.