F. Grummes Predicts That The Following Bitcoin Bull Run Will Occur In A Year

The next Bitcoin bull run for the asset will take longer, according to Florian Grummes, managing director of investment advising firm Midas Touch Consulting, despite Bitcoin’s (BTC) recent modest advances.

Speaking during an interview with Kitco News on July 23, Grummes suggested that the next rally will likely occur within six to 12 months ahead of the BTC halving event slated for May 2024. 

The expert investor, however, stresses that the crypto winter is far from over and that the present market sentiment suggests that BTC may be ready for a’relief rally’ in the summer, maybe reaching $35,000.

“However, in the larger context, I think we are in the crypto winter when it comes to BTC and usually those cryptos take some time. We probably will have to wait until the next Bitcoin halving, which is supposed to be happening in May, 2024. So that will be nearly two years from now. I think realistically it will take at least another six to 12 months before this market is really ready for a big new bull market<…>It could easily rally to $25,000 maybe even $35,000 ,” he said. 

Bitcoin in a regaining phase

Additionally, he asserted that, according to the movement of the price of BTC, the cryptocurrency is currently recovering, much like the stock market, but he cautioned investors to expect both up- and down-side surprises.

Long-term, Grummes voiced optimism for Bitcoin, saying that institutional acceptance and entry will drive the next bull run, but everything will depend on how the Federal Reserve manages inflation. The investor has previously stated that the ideal next record high for BTC would be $100,000 by Q1 2022.

Bitcoin struggles once it reaches $20,000

But in the first half of 2022, Bitcoin and the entire crypto market have been trading in the negative territory. Notably, the leading cryptocurrency experienced its worst performance in a quarter in Q2 2022, shedding 56 percent of its value. By the time of publication, the asset had dropped in value by more than 5% over the previous day and was currently trading at $22,2500.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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