No Bitcoin ATH Anytime Soon, BTC Price Due For More Than 50% Crash – Here’s Why

The post No Bitcoin ATH Anytime Soon, BTC Price Due For More Than 50% Crash – Here’s Why appeared first on Coinpedia Fintech News

Historically, October has been a good trading month for Bitcoin (BTC), however, it’s important to note that the macroeconomic conditions have never been so severely disrupted either.  It is noteworthy that the coin has already lost over 71% of its value since November 2021.

Despite the volatility and recent slump in the price, many experts still believe that Bitcoin is on its way to crossing the $100,000 mark. A recent study by Deutsche Bank found that about a quarter of Bitcoin investors believe Bitcoin prices will go past $110,000 in the next five years.

However, there are two sides to every coin. Prominent experts believe the asset will lose more value before finding stability again. It is noteworthy that the coin has already lost over 71% of its value since November 2021.

According to the managing director of Midas Touch Consulting – Florian Grummes, the leading crypto asset may fall below $10k. He also added that it might reach $6k before finding support and start gaining upward momentum.

Bitcoin Has A Bleak Future

MD Florian Grummes is highly bearish with regard to Bitcoin’s short-term future and believes that the coin will only see correction when it reaches $6k.

On October 11, the finance expert expressed his views in an interview with KITCO News.

“It’s my worst case right now [Bitcoin at $6,000]. I wouldn’t rule it out. I think $10,000 is probably what’s going to happen, and then we’re going to see a nice bounce and maybe another test of the $10,000 to $15,000 range, like a double low at some point, and that would be then the final end of the crypto winter, but it still takes time I don’t think it’s happening anytime soon.”

He emphasized the fact that there are many factors that could affect the price of the asset, such as the current market volatility and liquidation sentiments. He also added that the cryptocurrency would see several small upticks on its path toward $6k. According to him, it’d take a notably special event to push Bitcoin and the entire crypto market out of the “winter.”

Will Bitcoin Be Able To Reach Its ATH ever again?

Grummes also expressed uncertainty over Bitcoin’s potential to mark a recovery to its previous high of $69k- the uncertainty and liquidity crisis clouding the crypto industry might pose an obstacle for the coin.

“If this whole crypto sector can recover like it should or did in the past, then once the halving has happened, the whole sector likely will be in the new bull market. <…> Bitcoin has been going up since 2009 relentlessly. Fundamentally speaking, regulation, of course, could be basically preventing a real new bull market.”

So, what is the founder putting his money in?

Interestingly, Grummes mentioned that he is placing his bet on Gold.

Although he has a negative outlook toward Bitcoin, he still believes there is hope for it. A crypto winter normally lasts between twenty-four and twenty-seven months, and he speculates that a genuine bull market is approximately a year away from now. 

The MD predicts a marked uptick in the weeks leading up to the second Bitcoin halving in May 2024.

A Rough Year For BTC

Bitcoin’s shortcomings are stemming from a series of bad economic news pouring in over the last couple of months, which has been turning market sentiment to the downside. 

However, despite the plunging prices, Bitcoin has emerged better than other assets in recent weeks, including stocks, gold, the European Euro, the Japanese Yen, the Chinese Yuan, and the British pound.