The managing director of the financial advising business Midas Touch Consulting, Florian Grummes, has stated that Bitcoin (BTC) may be due for a further fall down below $10,000.
During an October 11 interview with Kitco News, Grummes predicted that Bitcoin will likely find support near the $10,000 mark before correcting to approximately $6,000. He also noted that owing to its volatility, the leading cryptocurrency might suffer tiny price increases.
The financial expert also emphasized that a unique occurrence would be required for Bitcoin to leave the current bear market.
In addition, Grummes voiced doubt on Bitcoin’s capacity to reclaim the all-time high of around $69,000 despite optimistic factors like half of the supply in 2024. According to him, the liquidity crisis and regulatory uncertainties are likely to impede Bitcoin’s growth.
However, he observed that gold remains the ultimate store of value and hedge against inflation, something Bitcoin has yet to attain.
Grummes has previously predicted that Bitcoin’s bull run will return within a year. As the crypto winter persists, he urged investors to anticipate both upside and negative shocks.
In the meanwhile, Bitcoin continues to consolidate below the $20,000 mark. At the time of publication, the cryptocurrency was trading at $19,100, a nearly 1% increase over the previous day.
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