Crypto

Bitcoin (BTC): next bull run in a year?

Since the beginning of 2022, the cryptocurrency sector has fluctuated between falling and rising. However, this year cannot be called the best for cryptocurrencies. Although cryptocurrencies are slowly recovering, the entire first quarter of the sector remained red. Florian Grummes, a trading expert, warns that nothing will change as the next bitcoin bull run could be a year away.

Bitcoin will have to wait for the next bull run

The Bitcoin recovery is causing a lot of buzz around the flagship cryptocurrency. With green oscillators for BTC, the crypto sector as a whole has been blowing a bit since the start of the downtrend. It is clear that many investors are returning positions and the charts are encouraging.

However, the market may continue to fluctuate between falling and rising for many months. At least that’s what Florian Grummes, managing director of investment advisory firm Midas Touch Consulting, believes. According to him, Bitcoin (BTC) is in recovery mode against the stock markets. As a result, its instability may offer some surprises.

During an interview with Kitco News on July 23, a finance expert stated that the cryptocurrency winter is not over yet. Thus, despite the current slight recovery in bitcoin, the next bull run is scheduled for May 2024.

Florian Grummes, interview with Kitco News

At this point, the first cryptocurrency seems to be poised for a relief rally and could likely hit $35,000. Nevertheless, investors should remain vigilant. Recall that the investor has already predicted that the main cryptocurrency will reach $100,000 in the first quarter of 2022.

BTC holds steady above $20,000

After a relatively glorious period in the second quarter of 2021, cryptocurrencies are experiencing an unprecedented setback in 2022. Indeed, almost all crypto assets have lost more than half of their value. The sector then went through one of its darkest periods.

After that, several investors suspended their operations to see what trend the markets would develop in the future. While other investors remained optimistic, prices continued to fall.

Fortunately, bitcoin has successfully recovered from failed attempts. While many people are hoping it will return to its full glory, BTC must first overcome the resistance at $23,800 if it wants to cross the $28,000 mark, as suggested by Mikael van de Poppe. Meanwhile, according to Tradingview data, Bitcoin is trading at $22,356.

Florian Grummes claims that bitcoin will be in recovery mode for a few more months. According to him, the increase in the number of entries and the adoption of institutions will contribute to the next bull market. However, everything will depend on the Fed’s reaction to inflation. Thus, BTC has a high chance of reaching a new all-time high. However, this claim can be questioned when we know that he has already made predictions that have not come true.

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Eddie Senga

The world is changing and adaptation is the best weapon to survive in this changing universe. As a crypto community manager at the base, I am interested in everything that is directly or indirectly related to the blockchain and its derivatives. To share my experience and talk about a field that interests me, there is nothing better than writing informative and laid-back articles at the same time.

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