Bitcoin and Ethereum are both “discounted bull markets” that strengthened their support bases in June and July and might restart their upward price trajectories in the near future, with BTC potentially reaching $100,000.
Bitcoin is converting the $50,000 mark into support, and that this year is “prime for Bitcoin to take the next step in its price-discovery stage” in a “refreshed bull market.”
Rise in Price of Bitcoin
As supply declines, demand, and adoption “are increasing in most countries that favor open conversation and free-market capitalism,” which might lead to an increase in Bitcoin’s price.
As China tightens its grip on cryptocurrencies, the United States adds more clarity to its regulations, which could bode well for Bitcoin and the dollar. After a period in which the price of bitcoin could plummet to a $25,000 low, Florian Grummes, managing director of investment advising firm Midas Touch Consulting, believes it will surge to $100,000 within six months.
The dominance of the US dollar in the cryptocurrency market is rising thanks to stablecoins. Grummes told Kitco News that the recent increase in cryptocurrency prices is to be expected, and that investors should look at BTC with caution rather than jumping into the market since he expects its price to drop in the short term.
With a change of 0.59 percent, BTC is now trading at $48,635.51. At the time of writing, the coin’s market cap is $914,267,529,337, with a 24-hour trading volume of $28,583,930,208.
The managing director explained that the recent rally in crypto is usual “after a first sell-off,” and that a new sell-off may push BTC over $25,000. Bitcoin may flip around at any time and surge upwards. “$100,000 is probably going to happen within the next six months,” he says.
Even while BTC will still see wild swings, Grummes predicted that the flagship cryptocurrency’s volatility will be substantially lower by then than it is now. He believes BTC be valued $1 million or more in a few years.