- Midas Touch managing director thinks BTC would go below $10k before the end of crypto winter.
- Grummes has said before that he expects a huge comeback from the crypto market.
- BTC is currently valued at $19,141, down 4.9% in the past week.
The managing director of an investment advising business called Midas Touch Consulting, Florian Grummes, recently sat down with Kitco News to discuss the ongoing crypto winter. During their conversation, Grummes made the prediction that the most valuable cryptocurrency in the world, Bitcoin, would drop below $10,000 before the end of the current crypto winter.
According to him, the level of $10,000 might possibly serve as a support level for Bitcoin before it experiences a probable correction to the area of $6,000.
In his words:
I think $10,000 is probably what’s going to happen, and then we’re going to see a nice bounce and maybe another test of the $10,000 to $15,000 range, like a double low at some point, and that would be then the final end of the crypto winter, but it still takes time I don’t think it’s happening anytime soon.
However, the investor did mention that because of the market’s volatility, the price of the most prominent cryptocurrency might experience some slight increases.
The last time Grummes talked about the crypto market, he said that he anticipates a dramatic comeback bounce across all markets. He added that it might have already begun, or it could begin between the middle and end of October. He proceeded to say: “As long as the greenback remains strong and trending higher, the liquidity crisis will continue and all asset classes will remain under pressure.”
Bitcoin has lost about 4.9% of its value in the last week. The most popular digital currency now has a value of $19,141.
The post Florian Grummes Predicts Bitcoin Will Tumble Below $10k Mark appeared first on Coin Edition.