According to Grummes, Bitcoin could likely find a support level at the $10,000 mark before potentially correcting to around $6,000 while noting that due to volatility, the flagship cryptocurrency might experience minor upward price movements during an interview with Kitco News on October 11. The finance professional also noted that it would take a special event for Bitcoin to exit the current bear market.
Bitcoin chances of regaining $69,000 high
Furthermore, Grummes expressed skepticism regarding Bitcoin’s ability to regain the all-time high of almost $69,000 despite bullish events like the 2024 halving. He stated that the liquidity crisis and regulatory uncertainty are factors likely to hinder Bitcoin’s trajectory.
The ultimate hedge against inflation
At the same time, he noted that gold remains the ultimate store of value and hedge against inflation, an element yet to be achieved by Bitcoin. Previously, Grummes had projected that Bitcoin’s bull run would likely come back within a year. However, he cautioned investors to expect surprises on the upwards and downsides as the crypto winter lingers on. In the meantime, Bitcoin is still consolidating below the $20,000 level. By press time, the crypto was trading at $19,100 with gains of almost 1% in the last 24 hours. Watch the full interview below: Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
