Expert Reveals When Bitcoin Will Break Out of the $19K-20K Range

The crypto market shows slow movement due to unfavorable macroeconomic conditions. Bitcoin, the largest cryptocurrency, in particular, shows extremely slow price movement. It’s stuck in the $19K-$20K range for quite some time. It is currently trading at $19,082 and has fallen by around 0.5% in the last 24 hours. Florian Grummes, Managing Director of Midas Touch Consulting, reveals how Bitcoin can break out of this range.

According to Grummes, Bitcoin will break the support level at $18K and test the price level at $10K. He also sees the $6K Bitcoin test as the worst possibility. According to Grummes, the crypto market is currently in a liquidity crisis.

However, according to him, once Bitcoin bottoms out, it will hit a new all-time high.

Grummes correctly predicted the financial liquidity crisis of 2022 due to unfavorable macroeconomics. He also correctly predicted that gold will outperform cryptocurrencies and the stock market in the crisis.

Bitcoin Breakout Move Explained

The current global financial instability is sinking the growth of Bitcoin. The Fed is engaging in quantitative tightening to rein in inflation levels. Therefore, the crypto market is going through a crypto winter. Grummes believes that the US dollar will be the best investment bet during this crisis.

Grummes highlights that a crypto winter usually lasts between 24 and 27 months. With this crypto market still a year away from winter, Grummes believes a legitimate bull market is still a year away. He still expects the $6k price level test to be a worst case scenario. He believes that a bull market can be expected around the next Bitcoin halving in May 2024.

Will regulation help Bitcoin?

Many experts believe that regulatory clarity will help Bitcoin and Ethereum. Institutional investment in cryptocurrencies will increase. However, Grummes believes that central governments do not want Bitcoin to succeed. He believes that the government will push Central Bank digital currencies at the expense of Bitcoin. Therefore, regulations can also hinder the growth of Bitcoin.

Nidhish is a technology enthusiast whose goal is to find elegant technical solutions to solve some of society’s biggest problems. He is a strong believer in decentralization and wants to work on the widespread adoption of Blockchain. He also likes almost all popular sports and loves to chat about a wide variety of topics.

The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication bears no responsibility for your personal financial loss.

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