Since early 2022, the crypto sector has fluctuated between downward and upward. However, it cannot be said that this year is the best for cryptocurrencies. Although cryptocurrencies are slowly recovering, the sector remained red throughout the first quarter. Florian Grummes, a trading expert, warns that things are not going to change as bitcoin’s next bull run could be in a year.
Bitcoin will have to wait for the next bull run
Bitcoin’s recovery is fueling a lot of excitement around the flagship crypto. With green oscillators for BTC, the crypto sector in general has been blowing a bit since the start of the downtrend. It is clear that many investors are taking positions and the charts are promising.
However, the market may continue to waver between falling and rising for many months to come. At least that’s what Florian Grummes thinks, director of investment consultancy Midas Touch Consulting. According to him, bitcoin (BTC) is in recovery mode in correlation with the stock markets. As a result, the instability could present some surprises.
During an interview with Kitco News on July 23, the financial expert claimed that the crypto winter is not over yet. As such, the next bull run is slated for May 2024, despite bitcoin’s current slight recovery.
At the moment, the first crypto seems poised for a relief rally and could probably reach $35,000. Still, investors should remain vigilant. Recall that the investor had already predicted that the major cryptocurrency would reach $100,000 in the first quarter of 2022.
BTC Holds Stable Above $20,000
After a relatively glorious period in the second quarter of 2021, cryptocurrencies experience an unparalleled flop in the year 2022. Indeed, almost all crypto assets have lost more than half of their value. The sector then experienced one of its darkest periods.
In the wake of this, several investors have slowed down their activities to see what trend the markets will take in the future. While other investors remained optimistic, prices continued to fall.
Fortunately, bitcoin made a successful recovery after failed attempts. While many people hope it will return to its full glory, BTC must first break through the USD 23,800 resistance to cross the USD 28,000 mark suggested by Michael van de Poppe. Meanwhile, bitcoin is trading at $22,356 according to data from Tradingview.
Florian Grummes confirms Bitcoin will remain in recovery mode for a few more months. According to him, increased entry and adoption of institutions will trigger the next bull run. However, everything will depend on the Federal Reserve’s response to inflation. Thus, BTC has a great chance of hitting a new record. However, this statement can be called into question if we know that he had already made predictions that did not come true.
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The world is changing and adaptation is the best weapon for survival in this undulating universe. As a crypto community manager at the grassroots level, I am interested in everything directly or indirectly related to the blockchain and its derivatives. To share my experience and make known a field that fascinates me, there is nothing better than writing informative and relaxed articles at the same time.