(Kitco News) – Bitcoin is on the verge of another major breakthrough after breaking past its previous all-time highs, but will the price move up or down?
David Lin, presenter of Kitco News, moderates a discussion with Florian Grummes, Managing Director of Midas Touch Consulting, and Gareth Soloway, Chief Market Strategist of InTheMoneyStocks.com at the Future Blockchain Summit in Dubai, to discuss Bitcoin price predictions for short-term, long-term and inflation hedges.
Grummes, who sees the price of Bitcoin next heading towards $ 100,000, said that in the short term the price momentum was too strong to warrant a major correction by the end of the year.
“What I see is that there’s this last parable coming up. I think it looks like we’re going to run towards [$100,000] and I think until the end of the year we’re going to see even crazier crypto nights, ”Grummes said.
Grummes had previously been bearish in the short term, but has since shifted its position following the recent price hike. He sees momentum slowing after hitting $ 100,000 and a “crypto winter” set in next year, implying that prices will stagnate for some time from 2022.
When asked if Bitcoin would be the best performing asset again in 2022, Grummes replied “I doubt it”.
Soloway sees Bitcoin climbing to $ 500,000 in the long term due to the collapse of the current monetary system, but in the short term price movements could be a bit more volatile.
“As long as we stay below [$65,000], so technically it’s a lower technical high, “he said.” As long as we stay below that I’m in the short-term bearish camp even though I’m bullish at long term. “
For more information on the new Bitcoin ETF and inflation hedges, watch the video above.
Follow Kitco News on Twitter: @KitcoNewsNOW
Follow David Lin on Twitter: @davidlin_TV
Disclaimer: The opinions expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure the accuracy of the information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes. It is not a solicitation to effect an exchange of commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article accept no responsibility for any loss and / or damage resulting from the use of this publication.