The cryptocurrency market started a relief rally led by Bitcoin (BTC) after the sharp declines. Although this rally has slowed down and even signaled a comeback, there are hopefuls for the future. Florian Grummes, managing director of investment advisory firm Midas Touch Consulting, shared his views on leading crypto. The professional analyst says that despite Bitcoin’s recent rise, the next bull run will take longer.
“Bitcoin can easily go up to $35,000!”
According to Florian Grummes, he predicts that Bitcoin will start a new rally six to twelve months before its planned halving in May 2024. Grummes says the current market mood is poised for a rally to the $35,000 level, possibly in the summer, for the leading crypto. However, the professional analyst states that the crypto winter is far from over. In this context, Florian Grummes makes the following assessment:
We are still in a crypto winter when it comes to Bitcoin. We will have to wait for the next Bitcoin halving, which will probably end in May 2024. So it will be almost two years from now. In my opinion, it will take at least another 6 to 12 months for this market to really get ready for a new big bull market. However, it is possible for Bitcoin to easily go up to $25,000 or perhaps $35,000.
“Both up and down spikes are possible in Bitcoin”
According to experts, there is a linear correlation between Bitcoin and US stocks. Florian Grummes also suggests that the leading cryptocurrency is in recovery mode with the stock market. For this, it looks at the current price action of BTC. In addition, Grummes says that both up and down spikes in Bitcoin price are possible. Therefore, he warns that investors should be prepared for these.
However, Florian Grummes predicts that in the longer term, broader acceptance and institutional entry will fuel the next bullish rally. cryptocoin.com As you follow, the Federal Reserve’s aggressive interest rate hikes have caused strong headwinds in the crypto markets. Grummes also cares about the steps to be taken by the Fed and takes attention in his evaluation. So the analyst says a lot will depend on how the Federal Reserve handles inflation. However, he still remains optimistic about Bitcoin.
