Midas Touch Director Gives Bitcoin Target Of $100K Or Higher

Bitcoin has been moving sideways during the day after an increase in selling pressure brought back to mid-range of its current levels. The first cryptocurrency by market cap trades at $47,394 with a 5.4% profit in the daily chart. Despite the cool off in the crypto market, sentiment has turned bullish. Managing Director of Midas Touch Consulting Florian Grummes recently supported the optimism thesis for the long term. In an interview with David from Kitco News, Grummes reiterated his prediction on Bitcoin and claimed that the cryptocurrency will continue into uncharted territory in 2021. In that sense, he expects BTC’s price to rise above the $100,000 mark in the next six months on the back of fresh capital coming into the market. Financial institutions could have bigger motivations to jump into BTC. The cryptocurrency is amongst the best-performing assets of the decade and, as Grummes said, there is “a lot of pressure” on these entities to show good performance on their investments. The Managing Director for Midas Touch believes that Bitcoin was designed to perform well under the current economical conditions. He said: (…) lots of institutions still have to catch up there, and I think this was all implemented in the game theory of Satoshi (Nakamoto, creator of Bitcoin) and it’s playing out wonderfully. In the short term, Grummes acknowledged that BTC’s price saw a “good” bounce over the past weeks. However, the bullish sentim...