(Kitco News) - As the Crypto Winter intensifies, Bitcoin could break below its $18,000 support level, which will send the Bitcoin price tumbling to as low as $6,000, said Florian Grummes, Managing Director at Midas Touch Consulting.
"At some point I expect that this $18K support level will break, and then we could actually lose quickly another 30, 40, or 50 percent," he said. "It would be the worst case that we go down to $6K."
Over the year, Bitcoin's price has fallen by 60 percent, and Ethereum has dropped by 65 percent. Grummes said that recovery will occur in 2023, and that 2024 could be "the start of a new bull market" as Bitcoin Halving occurs.
Grummes spoke with Michelle Makori, Editor-in-Chief and Lead Anchor at Kitco News, at the Future Blockchain Summit in Dubai.
Crypto Winter Outlook
The bear market in cryptocurrencies caused a string of company failures, such as DeFi firm Celsius, crypto fund 3AC, and blockchain company Terraform Labs.
Terraform Labs, for instance,...
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