Bitcoin price is about to go parabolic, but towards $100k or $20k? Soloway and Grummes
(Kitco News) - Bitcoin is about to see another major breakout aftersurpassing its previous all-time highs, but will the price move to the upsideor the downside?
David Lin, anchor for Kitco News, hosts a discussion withFlorian Grummes, managing director of Midas Touch Consulting, and GarethSoloway, chief market strategist of InTheMoneyStocks.com at the FutureBlockchain Summit in Dubai, to talk Bitcoin price forecasts for the short-term,long-term, and inflation hedges.
Grummes, who sees the Bitcoin price headed towards $100,000next, said that in the short-term, the price momentum has been too strong towarrant a major correction by year-end.
"What I see is there is this final parabola brewing. I thinkit looks like we're going to run to [$100,000] and I think until the end of theyear, we're going to see even more crazy crypto parties," Grummes said.
Grummes had previously been short-term bearish but has sincechanged his stance following the recent run-up in prices. He sees momentumstalling after reaching $100,000 and a "crypto winter" settling in next year,implying that prices will stagnate for some time starting in 2022.
When asked if Bitcoin will be the best performing assetagain in 2022, Grummes said "I doubt it."
Soloway sees Bitcoin climbing to $500,000 in the long-termdue to the collapse of the current monetary system, but in the short-term,price movements could be a bit more volatile.
"As long as we stay below [$65,000], then technically thisis a lower technical high," he said. "As long as we stay below that, I'm in thebearish camp near-term, even though I'm bullish long-term."
For more information on the new Bitcoin ETF and inflationhedges, watch the video above.
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By David LinFor Kitco News
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dlin@kitco.comwww.kitco.com