After an upsurge in selling pressure, Bitcoin has been trading sideways over the day, returning to the mid-range of its present values. The Midas touch director sets a Bitcoin target of $100,000 or higher. On the daily chart, the first cryptocurrency by market size is trading at $47,394 with a 5.4 percent profit.
The Midas Touch Director sets a Bitcoin Target of $100,000 or Higher
Despite the market’s recent cooling, sentiment has become optimistic. Florian Grummes, Managing Director of Midas Touch Consulting, has endorsed the long-term optimism thesis.
Grummes reinforced his prediction for Bitcoin in an interview with David from Kitco News, claiming that the cryptocurrency will go into unknown territory in 2021. The Midas Touch director sets a Bitcoin target of $100,000 or higher.
In this regard, he believes that BTC’s price will grow above $100,000 in the next six months as more capital enters the market.
Financial institutions may have more compelling reasons to invest in BTC. Cryptocurrencies are among the best-performing assets of the decade, and as Grummes put it, these companies are under “a lot of pressure” to perform well on their investments.
The Managing Director for Midas Touch believes that Bitcoin was designed to perform well under the current economical conditions. He said:
(…) lots of institutions still have to catch up there, and I think this was all implemented in the game theory of Satoshi (Nakamoto, creator of Bitcoin) and it’s playing out wonderfully.
In the short term, Grummes admitted that the price of bitcoin had seen a “nice” bounce in recent weeks. The euphoric attitude engendered by this market activity, however, may be developing into “greediness.”
As a result, he advised caution to individuals searching for an entry, adding:
I wouldn’t buy here on these levels. I’ll be waiting for a pullback, I’m pretty sure it will come towards maybe $34,000 to $38,000 something around that range it’s going to be interesting again.
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This possible downturn will reveal more about price movement in the future. If BTC’s price can’t retain support at $35,000, Grummes doesn’t rule out a return to the yearly open at $20,000 levels.
On the contrary, “$100,000 will happen within the next 6 months” if support holds at the mid-point of those levels. The Midas touch director set a Bitcoin target of $100,000 or higher.
Grummes mentioned the BTC miners’ exodus from China as one of the causes fueling the bullish price action. Despite the fact that a large chunk of the network was “eliminated,” the cryptocurrency continues to show that “what doesn’t kill you makes you stronger,” according to the Managing Director.
If Bitcoin manages to reach $100,000, it will be business as usual, with high levels of volatility as investors seek to capitalize on the market’s FOMO. This might result in another 50% fall and a return to former highs, as has happened in recent months.
Grummes anticipated that the first cryptocurrency by market cap may trade at $1,000,000 at some time “within the next decade.” This, however, will be determined by central banks’ monetary policies.
If these businesses continue to “print money,” Bitcoin’s price might skyrocket as a result. The two key elements that could prevent a new surge are short-term holdings and FOMO.