Cryptocurrency market approved in January Bitcoin Following its spot ETF, it is focused on the halving event expected to take place in April. Investors remain excited that BTC, which is traded around $ 52,000, can reach new peaks. However, many new predictions point out that this upward trend may slow down a little more.
Crypto expert Gareth Soloway noted during an interview with David Lin published on February 18 that Bitcoin could potentially experience a decline, drawing a parallel with the traditional stock market.
According to Soloway, as bullish conditions continue, it is possible for BTC to test $30,000 if the stock market experiences a correction ranging from 20% to 30%. This potential new BTC position is interpreted as a phenomenon called ‘a line in the sand’. The analyst added that he considers this situation as an accumulation opportunity.
This perspective aligns well with Soloway’s view that Bitcoin tends to act as a risk asset and can naturally be subject to sell-offs during periods of broader market downturns.
As we reported as Koinfinans.com, many analysts are following this detail closely, as investor sentiment was a major factor when the Bitcoin price reached its peak of $69,000. Soloway noted that current sentiment is more akin to “stock market bubbles,” so he is a bit more concerned. Although Soloway remained optimistic in the long term, he stated that there would be no new peaks in the short-term outlook.
Despite the recent volatility, Soloway believes the rally is no longer driven solely by the spot exchange-traded fund (ETF) or the upcoming halving. According to the expert, recent developments have generally occurred in connection with the role of money and risk assets.
