Cryptos

Midas Touch Director announces Bitcoin goal of $ 100,000.

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Bitcoin fell during the day due to increasing selling pressure. The market leader in cryptocurrency is currently trading at $ 47.394 and making a profit of 5.4% daily.

BTC with minor loss in the daily chart Source: BTCUSD Tradingview

Despite the market cooling, sentiment turned bullish. Florian Grummes, Managing Director at Midas Touch Consulting, has recently supported the thesis for long-term optimism.

Grummes, in an interview with David of Kitco News reiterated his prediction about Bitcoin and claimed that the cryptocurrency would continue to expand into uncharted territory by 2021.

He believes that the price of Bitcoin will rise to $ 100,000 in six months, as more capital enters the market.

Financial institutions may be more likely to buy Bitcoin. Cryptocurrency is among the best performing assets of the decade and, as Grummes said, there is “a lot of pressure” on these entities to perform well on their investments.

Midas Touch’s CEO believes that Bitcoin was made to be a good investment in today’s economic climate. He said:

(…) A lot of institutions have yet to catch up, and I think that all this has been implemented in the game theory of Satoshi (Nakamoto, creator of Bitcoin) and it is going wonderfully.

In the short term, Grummes acknowledged that the price of BTC has seen a “good” rebound in recent weeks. However, the bullish sentiment generated by this price action could turn into “greed”.

He advised caution to those who seek entry and added:

These levels are unacceptable to me. I will wait for a pullback. I think it will be around $ 34,000 to $ 38,000 or something similar. It’s going to be fascinating again.

Bitcoin rallying against all odds, on course to reach $ 1,000,000

This pullback could provide additional information about future price developments. Grummes didn’t rule out a revision to the annual open to $ 20,000 levels in the event that the price of Bitcoin falls below $ 35,000 support.

On the contrary, if the support remains in the middle zone of these levels, “$ 100,000 will occur in the next 6 months”.

Grummes mentioned the migration of BTC miners to China as one of the reasons for bullish price action. The CEO stated that although much of the network was “wiped out”, the cryptocurrency continued to demonstrate that “what doesn’t kill you makes it stronger.”

If Bitcoin can climb to $ 100K, it will be normal business with high levels of volatility and people FOMO in this market. This could lead to a 50% pullback and a reversal to the previous highs, which would be similar to what happened in the past few weeks.

Grummes predicted that the first cryptocurrency with a market cap of $ 1,000,000 could trade “over the next ten years”. This will depend on the central banks’ monetary policy.

These entities could continue to “print money” and Bitcoin could absorb it, pushing its price higher. FOMO and short-term holders are two major factors that could hinder a new rally.


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