In his opinion, a new rally could take place within six to twelve months before bitcoin’s halving, scheduled for May 2024.
According to the professional investor, the current market sentiment indicates that bitcoin could be poised for a rally in the summer with a likely $35,000 level. That said, he stressed that crypto-winter is far from over.
We’ll probably have to wait for bitcoin’s next halving, which is due in May 2024. That will be almost two years from now.
I think it will take at least another 6 to 12 months before this market is really ready for a new big bull market… It could easily go up to $25,000, or maybe $35,000.
The expert suggested that based on BTC’s current price movement, the cryptocurrency is in recovery mode along with the stock market, while warning that investors should expect both upward and downward spikes.
In the long term, Grummes is optimistic about bitcoin, saying that expanded acceptance and institutional entry will fuel the next bullish rally, but much will depend on how the Federal Reserve handles inflation.