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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Midas Touch Director Gives Bitcoin Target Of $100K Or Higher

Reynaldo Marquez
Reynaldo Marquez
3 years ago
2 mins read
Picture of a bitcoin with a gold hue

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Bitcoin has been moving sideways during the day after an increase in selling pressure brought back to mid-range of its current levels. The first cryptocurrency by market cap trades at $47,394 with a 5.4% profit in the daily chart.

Bitcoin BTC BTCUSD
BTC with minor losses in the daily chart. Source: BTCUSD Tradingview

Despite the cool off in the crypto market, sentiment has turned bullish. Managing Director of Midas Touch Consulting Florian Grummes recently supported the optimism thesis for the long term.

In an interview with David from Kitco News, Grummes reiterated his prediction on Bitcoin and claimed that the cryptocurrency will continue into uncharted territory in 2021.

In that sense, he expects BTC’s price to rise above the $100,000 mark in the next six months on the back of fresh capital coming into the market.

Financial institutions could have bigger motivations to jump into BTC. The cryptocurrency is amongst the best-performing assets of the decade and, as Grummes said, there is “a lot of pressure” on these entities to show good performance on their investments.

The Managing Director for Midas Touch believes that Bitcoin was designed to perform well under the current economical conditions. He said:

(…) lots of institutions still have to catch up there, and I think this was all implemented in the game theory of Satoshi (Nakamoto, creator of Bitcoin) and it’s playing out wonderfully.

In the short term, Grummes acknowledged that BTC’s price saw a “good” bounce over the past weeks. However, the bullish sentiment generated by this price action might be turning into “greediness”.

Therefore, he recommended caution to those looking for an entry and added:

I wouldn’t buy here on these levels. I’ll be waiting for a pullback, I’m pretty sure it will come towards maybe $34,000 to $38,000 something around that range it’s going to be interesting again.

Bitcoin Rallies Against The Odds, On Track To $1,000,000?

This potential pullback will provide more information about future price action. Grummes didn’t rule out a revisit to the yearly open around the $20,000 levels if BTC’s price is unable to hold support at $35,000.

On the contrary, if support holds at the mid-area of those levels, “$100,000 will happen within the next 6 months”.

Speaking on the factors driving the bullish price action, Grummes referred to the BTC miners’ migration from China. Despite a great portion of the network was “eliminated”, the cryptocurrency continued in a demonstration of “what doesn’t kill you makes you stronger”, the Managing Director said.

If Bitcoin does manage to climb to $100,000, it will be business as usual with high levels of volatility as people FOMO into the market. This could lead to another 50% pullback, and a return to previous highs, a similar scenario to the past months.

Eventually, the first cryptocurrency by market cap could trade at $1,000,000, at some point “during the next decade”, Grummes predicted. However, this will depend on the monetary policy adopted by central banks.

If these entities keep “printing money”, Bitcoin could absorb it to drive its price much higher. Short-term holders and FOMO are the two main factors that could stand in the way of a fresh rally.

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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

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Created by industry experts and meticulously reviewed
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How Our News is Made

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