Gareth Soloway, chief market strategist at InTheMoneyStocks.com, said the asset could drop below $20,000 as a result of continued Bitcoin (BTC) volatility, but the long-term prospects of the cryptocurrency remain bullish. On the other hand, crypto analyst Nicholas Merten says that Bitcoin is likely to experience a significant price drop, but such a sell-off could be the catalyst that eventually caused the leading crypto to surpass $100,000. cryptocoin.com We are giving the details as…
Gareth Soloway: Bitcoin will likely drop to $17,000
Gareth Soloway, strategist of InTheMoneyStocks.com, pointed out the volatility in BTC price, explaining that it can go as low as $20,000, but it remains bullish in the long run. Soloway noted that the price is likely to reach $17,000 but acknowledged that the value could rise slightly to $46,000 in the near term, but the position will not last long. He believes the correction is a result of the decrease in the overall market leverage spread over Bitcoin. Soloway uses the following expressions:
I’m just looking at the metrics, I don’t know if Bitcoin is performing at $19,000 or $17,000 or somewhere out there, but I think it’s going to hit $20,000 at least. In the short term, I think there will be a small bounce in Bitcoin, maybe you can get back to $46,000. However, as the markets fall, I think this level will eventually break.
Soloway stated that continued Blockchain growth is poised to benefit Bitcoin in the long run. According to the strategist, Bitcoin will likely attract more institutions, as well as the support of people like Tesla CEO Elon Musk and Jack Dorsey. At the same time, Soloway argued that the bright future for the crypto industry will come only when the market goes through a purification. Further, Soloway added that the long-term bullishness for Bitcoin is also related to the growing NFT sector.
Nicholas Merten is optimistic about BTC
Nicholas Merten, a cryptocurrency analyst, says he is optimistic about Bitcoin even as he prepares to see red candles on the price chart. The analyst, who thinks that we may be on the verge of a sharp correction in the BTC price pointing to a decrease in the range of 20-30 percent, still explains that he is bullish in the long term. He still thinks we are in a bull market and not a bear market.
He suggests that we are likely to see a correction, but that it could be a catalyst for a rise to $150-200k. The analyst says that Bitcoin will likely retest the levels last seen during the market crash in May 2020, using the following statements:
Probably at this point… we are repeating to some extent what we saw in May. Having a fix to this range ($29,000 to $30,000) would give people ‘maximum pain’ in my opinion. Basically, the peak of fear is defined when everyone, even the bulls, are convinced that we are in a bear market.
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