Michelle Makori, Lead Anchor and Editor-in-Chief at Kitco News, interviews Florian Grummes, Managing Director at Midas Touch Consulting, who says there will be a Bitcoin price spike and it will reach $100,000 once these two events happen, “drastically changing everything” for Bitcoin. Florian also discusses key Bitcoin price levels and gives advice on how to trade the potential approval of a spot Bitcoin ETF.
Florian lays the ground with a Bitcoin recap before delving into a full-length discussion where he shares his knowledge and reveals his future predictions. Here is a short extract from the interview, but make sure to get the full lowdown here:
Michelle: Bitcoin has rallied since mid-June when BlackRock unveiled plans for an ETF that will hold actual Bitcoin. Bitcoin is pushing up and hitting $31K. Are you surprised by this tremendous rally?
Florian: By early December I realised that even though we’d had a lot of negative news, Bitcoin basically refused to go lower. That’s a good initial signal telling you the market is doing something else, so I had to re-adjust my perception of the market. Then in early January I was very bullish, stating that I thought Bitcoin had bottomed out and that I was expecting a recovery to 25K and 30k and also later that year to $45K and $53K, so the first two targets have been met.
Michelle: What would you say is your Bitcoin price outlook for the end of 2023 and the first quarter of 2024?
Florian: I thought that as an answer to the bear market that took Bitcoin from $69K down to $15K there was a very good probability that you would get a bounce from this very oversold setup in late December or early January which would take Bitcoin back to roughly $50K. That’s basically a similar retracement that we saw in the last bear market so that framed my thinking. After that, I assumed that Bitcoin should pull back maybe to $25K or $30K again… this, and the potentially approved Bitcoin ETF would drastically change everything and $100K in the next year is highly likely.
Michelle: What do you think is going to be this year’s top performing asset or asset class?
Florian: We are in early July now and Bitcoin is up more than 80 percent this year to date. As you said, gold now is 3, 4 or 5 percent up so it will most likely be Bitcoin by the end of the year no matter what happens over the next five months. It has been outperforming gold by a factor of 10 to 15 over the last few months so it would have to crash dramatically to give back all those gains and then gold would have to really strongly take over.
Watch the video now and don’t miss Florian’s concluding thoughts as he wraps up this revealing interview with Michelle.
For more interviews, such as Sean Mackay’s one concerning crypto payment in the iGaming industry, please head to our interviews section.
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