{"id":11404,"date":"2021-08-27T12:26:37","date_gmt":"2021-08-27T12:26:37","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/?p=11404"},"modified":"2021-08-27T12:26:37","modified_gmt":"2021-08-27T12:26:37","slug":"the-midas-touch-director-sets-a-bitcoin-target-of-100000-or-higher","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/the-midas-touch-director-sets-a-bitcoin-target-of-100000-or-higher\/","title":{"rendered":"The Midas Touch Director Sets a Bitcoin Target of $100,000 or Higher"},"content":{"rendered":"

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<\/a> by market size is trading at $47,394 with a 5.4 percent profit.\u00a0<\/span><\/p>\n

\"Bitcoin<\/strong><\/h3>\n

The Midas Touch Director sets a Bitcoin Target of $100,000 or Higher<\/strong><\/h3>\n

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.<\/span><\/p>\n

Grummes reinforced his prediction for Bitcoin<\/a> 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.<\/span><\/p>\n

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.<\/span><\/p>\n

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.<\/span><\/p>\n

The Managing Director for Midas Touch believes that Bitcoin was designed to perform well under the current economical conditions. He said:<\/span><\/p>\n

(\u2026) 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\u2019s playing out wonderfully.<\/span><\/p><\/blockquote>\n

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.”<\/span><\/p>\n

As a result, he advised caution to individuals searching for an entry, adding:<\/span><\/p>\n

I wouldn\u2019t buy here on these levels. I\u2019ll be waiting for a pullback, I\u2019m pretty sure it will come towards maybe $34,000 to $38,000 something around that range it\u2019s going to be interesting again.<\/span><\/p><\/blockquote>\n

Bitcoin Rallies Against The Odds, Heading For $1 Million?<\/strong><\/p>\n

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.<\/span><\/p>\n

On the contrary, \u201c$100,000 will happen within the next 6 months\u201d if support holds at the mid-point of those levels. The Midas touch director set a Bitcoin target of $100,000 or higher.\u00a0<\/span><\/p>\n

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.<\/span><\/p>\n

If Bitcoin<\/a> 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.<\/span><\/p>\n

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.<\/span><\/p>\n

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.<\/span><\/p>\n

Source:\u00a0 NEWSBTC<\/a><\/p>\n