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BTC To See Correction Below $10K, Predicts Midas Touch Consulting Founder

Bitcoin (BTC) hasn’t been in its best state lately, falling from a high of over $69,000 to the current price of around $19,174. While the coin has lost over 71% of its value since November 2021, some key experts believe it’ll lose more before finding stability again.

According to Florian Grummes, the managing director of Midas Touch Consulting, the pioneer crypto may fall below $10k. He further stated that it might reach $6k before finding support and start gaining traction.

Midas Touch Consulting Founder Not Bullish About Bitcoin

Grummes is not bullish about bitcoin’s short-term future as he believes the coin will only see correction until it reaches $6k. He said:

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.

The finance expert expressed his views in an interview with KITCO News on October 11. He also noted that there are many factors that could affect the price of bitcoin, such as the current market volatility and liquidation sentiments. He added that the cryptocurrency would see several small pumps along its way to $6k. The expert also noted that it’d take a special event to push Bitcoin and the entire crypto market out of the crypto winter.

Bitcoin’s price is currently trading around $19,000. | Source: BTCUSD price chart from TradingView.com
Florian Doesn’t See Bitcoin Reach $69k

The investment advisory firm’s founder also shared his skepticism over bitcoin’s ability to reach its previous high of nearly $69k. Grummes noted that uncertainty and liquidity crisis currently plaguing the crypto industry might hinder the coin from reaching its former glory days. He said:

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.

A Little Hope For BTC?

Bitcoin’s popularity has been waning due to the current financial turmoil. As the US faces its highest inflation levels in recent times, the Feds introduced quantitative tightening to help keep it under control. This is one of the main causes of the current crypto winter. While some experts see Bitcoin as an inflation hedge, Grummes is placing his bet on Gold. 

However, the expert thinks there’s hope for the coin. According to Grummes, a crypto winter will normally last between twenty-four and twenty-seven months. Grummes predicts that a genuine bull market is roughly a year away since the market is still one year into the winter.

He continues to believe that the worst-case scenario is the testing of the $6,000 price level. Florian Grummes predicts a market upswing in the weeks leading up to the second Bitcoin halving in May 2024.

Featured image from Pixabay and chart from TradingView.com

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Bitcoin (BTC) Price To Reach In Millions By 2030, Says Analyst

A well-known, conservative crypto analyst gave a bullish commentary about the price of Bitcoin. According to a YouTuber, further proliferation of the digital asset will cause a steady rise of BTC to a million dollars.

On a YouTube video, InvestAnswers signaled that BTC is approaching diminishing returns. Diminishing return is when an asset gets to a point where increased future investment yields less profit. The crypto analyst said that BTC yields investors five times less profit every new market cycle in comparison to the previous one. 

Related Reading: Bitcoin Price Crashes To $19,000, But Stays Strong Against Other Assets

Bitcoin Primed To Trade For Millions Of Dollars By The Year 2030

However, the analysts gave a different view on bitcoin that was in contrast with the apparent diminishing return of the digital asset. They cited that the value of networks grows as the number of participants increases, according to Metcalfe’s law. 

If Bitcoin follows the trend of disruptive networks like cellphones and the internet, applying Metcalfe’s law projects a bullish case scenario for bitcoin. In that vein, a modest consideration of BTC’s future price will put it at over a million dollars by the year 2030. 

The host made it clear that this prediction was strictly based on the scientific possibility that Metcalfe’s law holds for the number one cryptocurrency in the world. It is, however, not subject to wishful thinking. According to the analyst, the bitcoin digital assets’ adoption follows the historical patterns of preceding technologies. 

Quite like InvestAnswers, there have been several sightings of multiple users across the internet, supporting the future appreciation of bitcoin’s price. 

Bitcoin’s price plummeted to the $19,000 level after surpassing $20K. | Source: BTCUSD price chart from TradingView.com
Crypto Market Cycles 

Since speculation says bitcoin is still bullish in the long run, many are looking forward to taking advantage of the next market cycle. 

The market cycle explains the ebb and flow of a market. Usually, new markets have a slow start. They pick off from a point where people show little or no interest. But as interest in the asset starts to increase, demand rises, and its price starts to inflate as a result. A complete market cycle has four phases: accumulation, markup, distribution, and markdown. 

Related Reading: Do Kwon Statement: A Possible Trigger For Terra Tokens Price Surge

As mounting interest takes the price of the commodity to new highs, it gets to a point where it eventually peaks. Investors become satisfied with their returns. And then sell off the asset causing tremendous sell pressure. Therefore, the price begins to drop. After one market cycle ends, the next begins shortly.

Bitcoin Price Action 

Bitcoin has roughly ranged between $22,000 and $18,000 for most of the 3rd quarter of this year. Investors are keenly eyeing the condition of the broader market as a go-ahead to pump funds into risky assets like bitcoin.

Featured image from Pixabay and chart from TradingView.com

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BTC Reclaims Its 20K Spot After A Couple Of Bloody Weeks

After plummeting to significant lows in July, bitcoin has been locked in a sideways trading action angling towards higher prices. Still, investors are anxious to see what’s going to happen next. 

Last week, the Federal Reserve’s decision to squeeze more US Dollars out of circulation with another interest rate hike sent BTC tumbling. After finding support at the $18,000 psychological level, BTC surged 7% on the 27th of September in a tremendous display of volatility. As a result, the number one digital asset recovered to trading above $20,000 for the first time in over a week. 

Related Reading: Bitcoin 90-Day CDD Hits All-Time Low, What Does It Say About Market?

Differed Opinions on BTC’s Volatile Tuesday Run 

TradingView tracked the movement of BTC as it closed in the green by 7% on the 26th of September. Data from Bitstamp reported a price peak at $20,344 before it eventually settled at $20,200. 

As expected, the move seized the attention of many traders in the crypto bubble. However, people gave bipolar reactions to the news. Other comments warned investors to avoid making hasty, late entries influenced by the fear of missing out. 

Analysis from a user with a strong crypto presence on Twitter dismissed any hope of a market reversal just yet. Capo of Crypto believes there would be lower lows below $19,000 before we see any relief from the crypto winter. 

Bitcoin’s price again crashed to $19,000. | Source: BTCUSD price chart from TradingView.com
Will The Bulls Run The Bears Out Of The Market This Month?

BTC’s aggressive gains made September’s last Tuesday an eventful day in the crypto world. Besides users giving their varied points of view on the likely interpretation of the recent move, several crypto research firms cannot wait to jump in and give their perspectives. 

According to an on-chain analysis from Santient, the future of BTC’s price rests in the hands of the bulls. If they defend the $20,000 position till Friday, cementing September with a green close, a bright future awaits BTC price action. 

The crypto market data and analytics platform, Santient, also noticed a lot of users taking profits as soon as BTC crossed the $20,000 key level. It seems several traders set automatic and mentally-noted take profit signals at that mark. Santient also divulged a transaction log of users claiming profits and closing losses at the same price.

How September’s Ending Might Define The Future Direction of Crypto

Based on a tweet by Santient, reclaiming the $20,000 spot increases the odds of BTC closing higher than its starting point in September. And more importantly, finishing past this psychological level will have a hugely positive effect on investors’ sentiment.

September has been a slow month for the world-leading crypto. Despite the 7% gains on the 27th of September, bitcoin is currently making moderate monthly gains of 0.7%. That’s a heavy contrast to the day before, which left bitcoin trailing at a 6% loss according to monthly P&L data by CoinGlass. 

Related Reading: Ethereum Name Service (ENS) Looks Strong, Eyes $16 Reclaim

However, it is pivotal that BTC finishes above its September starting point, no matter how little the gains. BTC will record its first “September green” month since 2016 to finish this month in profit. 

As of writing, bitcoin has slightly slipped below $20,000 to trade around $19,150.

Featured image from Pixabay and chart from TradingView.com