The managing director of the financial advising business Midas Touch Consulting, Florian Grummes, thinks that despite Bitcoin’s (BTC) recent modest advances, the asset’s subsequent bull run would take longer.
During an interview with Kitco News on July 23, Grummes predicted that the subsequent Bitcoin price increase would come within six to twelve months before the Bitcoin halving event scheduled for May 2024.
According to the expert investor, the present market atmosphere indicates that Bitcoin may see a “relief rally” in the summer, with a price target of $35,000, while emphasising that the crypto winter is far from over.
Bitcoin in the recovery phase
In addition, he said, based on the current Bitcoin price movement, that the cryptocurrency is in a recovery phase in tandem with the stock market while cautioning investors to anticipate both upside and adverse shocks.
Long-term, Grummes is positive on Bitcoin, noting that more acceptance and institutional participation will drive the next bull run. Still, it all hinges on how the Federal Reserve handles inflation. Previously, the investor had suggested that Bitcoin’s ideal next record high for Q1 2022 would be $100,000.
Bitcoin battles to surpass $20,000
Bitcoin and the crypto market have traded in the red throughout the first half of 2022. Notably, the flagship cryptocurrency saw its worst quarterly performance in Q2 2022, shedding 56 percent of its value. At the time of publication, the asset was trading at $22,700 after losing roughly 3 percent of its value in the previous twenty-four hours.
According to Finbold, cryptocurrency trading specialist Michal van de Poppe said that for the commodity to climb above $30,000, it would need to surpass a critical resistance level around $23,800.