The recent bullish momentum for Bitcoin is likely to be sustained because key technical levels have been breached, and the fear from China's tightening regulation has largely dissipated, said Florian Grummes, managing director of Midas Touch Consulting. "We have a good chance to see $100k by the end of the year, maybe even higher. Of course, that would spark an altcoin season again. If Bitcoin really continues to run, I would say that the $60k $65k level is the last resistance of the bears. If there is nothing coming for them, then Bitcoin is off to the races and it could be $100k or even higher, $150k is possible towards January," he said.
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We're back in the future. Blockchain seven in Dubai. Now with managing director of Midas touch consulting, Lorianne. Welcome to the show. Hi, welcome. Thank you again. I've worked with you for a long time. First time in person. Very exciting. And, uh, thank you for the introduction we're here because you've made the introduction to the organizer.
So I appreciate your contribution to our show, Florida. You seem happier this time than two weeks ago and not because we're just talking in person. It's not just because of that. It's because you are more bullish in the crypto markets today. Then I spoke with you a few weeks ago and you told me offline it's because it's got to listen to the markets.
The markets tell you which direction. And you're following the wind, so to speak. Why has to wind change direction the last couple of weeks? Yeah, that's a good question. I mean, uh, yeah, you have to listen to the market. It's not about being right. We all want to make money in the end of the day and the market is doing what it does.
And, uh, three weeks ago, I think that was the last time I was on the show. I thought the whole stress in China and the Chinese real estate market would create more problems in all markets. It did, especially in the stock market, but, uh, Bitcoin suddenly quickly to the surprise of many recovered rather strongly.
And obviously it was, uh, the Bitcoin ETF, uh, which, uh, which got basically approved a few days ago. Um, then also the debt ceiling situation in the U S rather quickly disappeared. And it seems the market don't really care at the moment. The stress in the Chinese real estate market. Obviously there has been much more money created over the last few weeks to, to attack that problem.
And yeah, listening to the market, it looks like Bitcoin wants so much higher. Whatever. I personally thought it's going to move higher. We're going to get it. Why you're going to be a hub. You know, we're going to get to your forecast in just a minute. But before we talk about the future, let's talk about the.
This year has been a very volatile year for this year. Every single year. It has been a volatile year, but big, but let's talk about this here in particular, it's breached new all time highs earlier in the year. Then it basically saw a summer law summer doldrums in July. What happened between April and July, between April and July.
I mean, you had the big China Fort Benning. Uh, operations in China. I think that wasn't the main reason back then. Um, and then in July, the market was so oversold. Uh, it was real panic and tomorrow. And then we got the short squeeze, I believe in August and early September, they kind of went up to exactly to the 61 8, uh, 61.8 retracement level at 50 to 500 something like this.
And that was a perfect short squeeze. And. I think we got this, the schoolbag 39,000 was a low. Yeah. And since then, Bitcoin is off to the races and it's running back to nearly the all-time high from April. It looks like, uh, it's. It wants to March. So you, right. That China flood story early in the year was a problem.
But let me just talk about that for a minute, because from July to now is not really a long period of time. It seems to be the markets I've just forgotten about what China did. Would you say fundamentally banning Bitcoin mining, and now. Bitcoin trading. Do you think banning that in China is not that big of a problem for no.
I mean, that was, I think we talked about this one in one of the last interviews already. I think, uh, the markets realized that the network continued to work flawlessly even though a large portion of it used to be mine in China. And it was not a problem. Instead, the network just continued and that actually showed us how strong and Brazil.
The Bitcoin network already is and how decent realized it is already. And then the fact that many of those miners are now moving or have moved already to, to America, Texas, especially. Um, I think it's, it's great news. And I think in the longterm, we will see and remember that, that this was a catastrophic decision by China in terms of geopolitical movements.
Um, they basically banned Bitcoin mining and now Bitcoin miners move to another place. And as it looks now, we will. Uh, better money than, than the fee money that we have right now. And the only thing I see is this is my theory. This is my theory. I think the Chinese government is too smart to simply think that well, just because we're banning Bitcoin, we're going to stop the network from money.
That's not really how big point works in the first place. They realize this. And so I think they're just limiting capital controls, right? They're preparing for the CBDC to launch in China. They don't want people to move a lot of money out of the country using crypto. Yeah, that sounds very reasonable for us.
Yeah, of course. But I think you also have to always remember these are socialists, so they don't really understand the economy they are in for the suppression and power, power base. Yeah. Let's talk about the future though. So what's your forecast now for big, but at the end of the year, I see that by the end of the year, it's not that it's, we're six weeks away from the end of the year, kind of.
No, no, we're we're, we're sorry. We're eight weeks. We're eight weeks. Yeah, exactly. Two and a half months. That's not too far away. Right. Lots of things can happen in crypto because it's so fascinating. Um, if Bitcoin wants to bring out a much higher, I think we, we have a good chance to see a hundred feet towards the end of the year, maybe even higher.
And, um, of course that would spark an ice queen season, uh, again, and, um, I think we are in if Bitcoin really continues and I would say this 60 to 63,000 level is maybe the last resistance of the bears. Um, so if there's nothing coming from. Yeah, big time is off the races and it's going to be a hundred K.
And if the higher even 150 K is possibility. Yeah. A Bitcoin seems to be hitting resistance right now at 62 63. Why is this an important level? Is it simply because that was the previous all time high? Yeah, it's a psychological number and it's a round number. It's all time high at 65,000 and the market is very overboard in the shelter.
We had a big run. I mean, Bitcoin went higher. How much? $20,000 within three weeks. So, um, It's it's basically should have a little Grieder here, but, um, if it's not put it for putting back a lot. Yeah. I think it's clear market. Would you not, would you not just play the contrarians, uh, viewpoint here? What'd you not see the run from July up to now?
You know, it's nearly a 50% move up from Bitcoin for Bitcoin and say, well, look, given their short term cycles, it's time for a pullback and it's hit its previous all time. High word near its previous all time high it's time for a little pullback. Yeah, you can look at it like this, but, um, for a typical, it would be something like a B wave pounds after initial hardcore.
Sell-off the same thing, man, doesn't really fit to it. Now it's too much skepticism. I don't see like this crazy green around me. Um, and I don't think that most of the other trends have moved either over the last few weeks. So it seems that Bitcoin is marching ahead and then the altcoins will follow at some point.
So, uh, and also the, the, the way it happened so fast, it seems a lot of people were on the wrong side of the market, or at least were surprised by the move. I mean, I, I never showed big point. I never give the recommendation to shop Bitcoin. The only thing that I do is, uh, divide basically my investments into a horrible position that you always keep my weight at one.
And you have a trading position that you can basically trade with. Um, probably a lot of people again, when short pick point. So, but, uh, if Bitcoin goes to a hundred K, what's going to happen to the all coin market. Let's talk about the second largest coin. First of all, I've noticed in the past six weeks, about a month and a half or so, it hasn't really been tracking Bitcoin as well as it did in the past.
In the sense that Bitcoin has been rising in the past month, Ethereum has not yet outperformed pick point and just the. That's weird. Yeah. Well, I mean, they never walked together exactly all the time. Sure. So, um, if you compare it to four years ago, the last real bull run in 2017, um, good point also moved ahead.
And then at some point suddenly Ethereum started to play catch up. So you're saying that typically legs. And so we've seen this also in spring and early summer Bitcoin top the next. If you're on top of me nearly a month later. So that was also a signal, this divergence that we're coming to an end in that bull run.
So right now, Bitcoin signals, I'm marching ahead. I'm providing the confidence into the sector and then the other points will follow. And if this happens, I think if theorem has a good chance to move to 20 K I mean, it's, that's crazy, but, but it is possible. It's probably four or five times from where we are at.
Probably the next few months is possible. And if you compare, I just mentioned the boy around four years ago. If you compare that the theories from 2017 today is probably salami. One of the most spectacular points this year already amazing performance, but I could imagine this thing goes another five to 10 times higher.
So back then in 2017, the fear went from 130 to $1,300 within a few weeks at the end of that bull run. And that's usually the most spectacular. Um, it's always in the last few weeks or the last two months of a bull run, you're going to see this extremely special. It's important to consider. Also today we have more D five platforms being filled right now on Ethereum, then back in 2017 or before.
So potentially now the. Has provided a secondary impetus or driver for the Ethereum price before, maybe you could say Ethereum was a leverage play on Bitcoin, but now there may be other drivers as well. Correct? I mean, four years ago, it was all these ICO hype, and many of them plans to build on the Ethereum blockchain, but there was no real programs operating already.
Um, that has changed dramatically nowadays, of course. Um, I, I'm very excited looking forward for the next few months. You'll see lots of chances in many points, but you also have to be aware that this party at some point will end. And then any investment that you do today. You probably should only have a time horizon of a few months.
So it's not something if you buy today, maybe Bitcoin, you can hold it through, but everything else, you will see crazy pullbacks at some point. And so I, I think the timeframe of a few months, yes, after that, let's see how the situation is in January, February, because usually those outpoints get this. They, they, they retrace 80, 90%.
Of course, many people might have chased the FOMO or run over the last two months, either Bitcoin or Ethereum and maybe bought near its all time highs. But you're saying there's more room to climb. Should they be selling now? Oh no, I wouldn't sell anything at the moment. I would make sure to have full exposure, but, um, it always skipping.
It's not a long-term position anymore. So I I'm really told by big pine to any ups and downs. Maybe it's your home as well. Most of the other coins? No, it's too crazy. 100 K Bitcoin, 20 K a few of them. Those are your medium term targets. Yeah. I think Bitcoin can even go to 150 K or even 200 K. Um, this is like this final power of BOLO.
It looks like it's popping up now. Okay. So, all right. So you've explained your technicals are already, let's talk about Sonata. You mentioned Solana is what if your game used to be. Why is that? So what's, what's going to happen now to the Ethereum ecosystem. Now that you've got competitors to make theory, some people call it competitors.
Some people call it, compliments, people view it different ways. I mean, I, I always have the opinion that competition is a good thing. It will make the ecosystem overall more resilient and stronger, and it will improve each of the, each of the projects and the teams and everything, because everybody has to work harder.
And those who don't have. They're going to be out. So I think it's good. What is salon? I have that I feel even doesn't, it's faster and it's more scalable and it's, especially for this booming hype NFT kind of story. It's the thing. So, um, I, I don't need to know everything. I just need to listen to the market.
And that's where we started in the beginning today. If you're listening to the market, Solana has been the best performing point. Maybe we can mention political doctors. Yeah, but, uh, and I, I, it's very likely to assume that if we get this running Bitcoin, then at some point Solana will be the well, can you, just, from a charter perspective, you look at a chart of Solana, right?
You've got a massive run-up actually later, it bloomed very late compared to other coins. And then it kind of just stay flat over the last few months. So it, it seems to me that it's not really following Bitcoin. It's not really following a few. It's kind of just moving on itself. What's going on there.
But I don't mind the points that are legging. It's a similar thing that you see in gold and silver off the gold gold makes the move. And then a few days later, silver starts to catch up. That's great. That's, that's actually confirming signals. You didn't miss the move in those smaller points or in my example, in silver.
So, um, I don't mind that. I think Solana had a nice consolidation. Yes. Compared to a year ago. It's crazy where it's trading now. And that's often the problem that people look at crypto. Dude, if I have, would have bought a year ago, I go to Bitcoin 10, 20,000. Now it's trading at 60,000. No I'm not going in anymore.
But what it really means is you're missing out on another a hundred percent, 200% because this crypto ended up the moves are just much bigger and more insane than in any other market. You told me offline trading cryptocurrencies is not like life. You've got to be an opportunist in the market. I liked that.
I liked that analogy. So let me just ask you simply what are the biggest opportunities right now in the crypto space? Potentials and the protocols you're viewing. Yeah. I really liked star Atlas. It's a very small point, but, um, it's a great, uh, gaming and Ft, um, upcoming, uh, uh, ecosystem and, uh, I think it's super exciting and I see lots of kids going crazy about this already.
So that's, I think one of the most exciting stories, how do you feel about the gamified space? Putting kind of a mix between defy and NFTs video gaming, video gaming. Yeah. No, it's great. You can buy spaceships and then trade them, approve them. And then suddenly you sell your space ship for me. So it's a, it it's crazy, but this is the spaces, the new space we have to accept it.
Um, People still have problems to get the head around all this gaming and the meta burgers, but it's happening. And all the kids were growing up with this. It's totally normal. Even me back in the, in the eighties and nineties, I played whatever back then, you didn't have internet. You didn't have all these crazy games.
We used to play with an amiga. So, uh, but, but here we are, and it's totally normal and it's going to be part of it. So that's. Find where I believe. It's very interesting. I've mentioned already. I think you will do well with Bitcoin. You will do very well with the theory and Solana a few others polka dot we mentioned already.
I think even padano, it has been nicely correcting if pick point continues to March higher, Donald could also have a five times from me and no problem. And, um, maybe just so to recap, because we said opportunistic, so that's, that's the most challenging thing you have to understand the trading and investing is counter-intuitive.
Because in real life, you don't really want to hang out with optic opportunistic people. Right? This would be the guys who want to meet with you tomorrow, but today, no, they want to meet you today. Tomorrow. They want don't want to hang out with you because there's another friend who was more interesting, has more connections.
The other friend has more Bitcoin. Yeah. For example. You, you don't want this. Right. Um, but in trading and investing, you have to be opportunistic. You have to accept that it's not about being right. It's about making money, listening to the market and things are changing all the time. Right. So, um, and that's, I think a very important thing you're trying to understand and accept.
Okay. All right. So your long-term bullish and game. If I hope that. The government is abandoned. They're going to say this is child labor. If you know, you're making money off children playing video games. I mean, but I mean, that's a stretch, but I do see the potential. Long-term a lot of companies to demo that, developing this.
So finally, let's talk about, you've made your bullish case. Finally. Let's talk about the headwinds, potential risks to the crypto space right now. What would you see that could possibly challenge. I mean, one thing that is always there is simply a technical glitch. We had that already eight, nine years ago.
I think it was the last series one. You can make the argument that the network now is so decentralized in Bitcoin that it won't happen anymore. But then again, it can happen. I believe it's technology, it's math at the end of the day. But, um, so that is one thing that is always there. Uh, the, um, they're not going to ban.
But they'd probably start texting it, going to regulate it. And that might have some serious consequences until either people were realized that Bitcoin is unstoppable and they, they need to have it anyway, because of the heavy, crazy money printing, everything has become so expensive. That Bitcoin is one of the only places where you can actually hit yourself against that.
That will be one thing or. Maybe which I doubt, but maybe the politicians in America are smart enough to understand that that actually is a huge chance for America to come back and have basically a future technology and being the leader in that technology. Right. Because we've mentioned China and I think.
Big mistake that they did in the long run. And that's a chance for America, but they need to have good regulation. And, and right now I doubt that this one comes, so that can be a change that could be a trigger for a crypto vendor that might be, uh, uh, coming next year. Excellent. All right. So we'll watch out for those fists as well.
Thank you so much for again, your thoughts, excellent analysis, and so glad to see you in person. Thank you. Thank you for watching. We'll have more for you from the conference. Kitco news special coverage of the future. Blockchain summit is brought to you by cook finance, a revolution in deep by asset management.
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