(Kitco News) - Bitcoin is on track to hit $100,000 in six months’ time, said Florian Grummes, managing director of Midas Touch Consulting, who warns that in the short-term, the price could pull back even more.
Speaking to David Lin, anchor for Kitco News, Florian said investors should wait for a pullback to the $34,000 to $38,000 range before another rally resumes.
“What we’ve experienced over the last five weeks is a nice, strong bounce that is [typical] in crypto after a first sell-off,” Grummes said. “Another sell-off [could extend] to $25,000. That is still possible, otherwise, Bitcoin turns around at $35,000 and goes back to $60,000 and the bull market continues. I think $100,000 is probably happening within the next six months.”
Bitcoin is likely going to continue to outperform the precious metals until the end of the year, Grummes noted. However, there is one equity sector that could outperform Bitcoin by December 31.
To find out what sector that is, watch the video above. However, there is one equity sector that could outperform Bitcoin by the end of the year.