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Bitcoin price is about to go parabolic, but towards $100k or $20k? Soloway and Grummes

Kitco News

(Kitco News) - Bitcoin is about to see another major breakout after surpassing its previous all-time highs, but will the price move to the upside or the downside?

David Lin, anchor for Kitco News, hosts 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 talk Bitcoin price forecasts for the short-term, long-term, and inflation hedges.

Grummes, who sees the Bitcoin price headed towards $100,000 next, said that in the short-term, the price momentum has been too strong to warrant a major correction by year-end.

"What I see is there is this final parabola brewing. I think it looks like we're going to run to [$100,000] and I think until the end of the year, we're going to see even more crazy crypto parties," Grummes said.

Grummes had previously been short-term bearish but has since changed his stance following the recent run-up in prices. He sees momentum stalling after reaching $100,000 and a "crypto winter" settling in next year, implying that prices will stagnate for some time starting in 2022.

When asked if Bitcoin will be the best performing asset again in 2022, Grummes said "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], then technically this is a lower technical high," he said. "As long as we stay below that, I'm in the bearish camp near-term, even though I'm bullish long-term."

For more information on the new Bitcoin ETF and inflation hedges, watch the video above.

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