Florian Grummes, managing director of investment advisory firm Midas Touch Consulting, has claimed that despite Bitcoin (BTC)'s recent upward price movements, the asset has a long time to go before its next bull run. In an interview with Kitco News, Grummes suggested that for the next rally, one should wait for the Bitcoin halving event, which is scheduled to take place in May 2024.
According to the pro trader, the current market sentiment indicates that Bitcoin could do a 'relaxation rally' in the summer and possibly reach $35,000, emphasizing that the crypto winter is far from over. Grummes explained his thoughts as follows:
“Broader context, I think we are in crypto winter when it comes to Bitcoin, and generally crypto winter for cryptocurrencies is a time-consuming period. We will probably have to wait until the next Bitcoin halving, which is expected to happen in May of 2024. So the halving event will be about two years from now. I think realistically, it will take at least 6 to 12 more months for these markets to really be ready for a big new bull market, but before that Bitcoin can easily rise to $25,000 or even $35,000.”
Also, based on the current Bitcoin price action, Grummes suggested that BTC is in a recovery mode in correlation with the equity market, while warning that investors should expect surprises to the upside and downside. In the longer term, Grummes stated that Bitcoin is in a bullish trend, noting that increased adoption and the entry of institutions will support the next bull run, but it all depends on the Fed's handling of inflation. Grummes previously pointed to $100,000 as the next record high Bitcoin will reach in the first quarter of 2022.