Analyst comments about Bitcoin (BTC), the largest cryptocurrency with its market value, continue to draw attention. The latest statement came from strategist Gareth Soloway. Soloway pointed to the prospect of a bottom in BTC, $13,000. Here are the details…
The expert pointed to these bottoms for Bitcoin: Crisis 2.0!
According to Gareth Soloway, Chief Market Strategist at InTheMoneyStocks.com and President of VerifiedInvestingEducation.com, Bitcoin, the world’s largest cryptocurrency by market capitalization, is expected to experience a significant drop before its next rally. cryptocoin.com As we reported, Soloway, who correctly knows the bottom of Bitcoin in 2021, believes that the crypto asset will fall to $ 13,000 and even $ 9,000 in 2023 before another rally occurs.
In a recent interview, Soloway attributed the recent rally in Bitcoin to the ongoing banking crisis that has led investors to withdraw their money from banks and turn to alternative investments like Bitcoin. However, he warned that as the financial system becomes “calmer”, Bitcoin will fall as well, along with the stock market, which he predicts will experience a significant downturn in the near future. “This is a fundamental financial crisis 2.0,” Soloway warned, saying:
We don’t know how bad this will get… it’s potentially like a Lehman moment.
Expert, bullish on Bitcoin in the long run
The expert’s comments follow UBS’s takeover of Credit Suisse, once Switzerland’s second largest bank, and recent bankruptcies in the United States, including Silvergate, Silicon Valley Bank and Signature. With two decades of experience as a professional trader, Soloway emphasized that he is a long-term Bitcoin “bull” despite the short-term bearish outlook. He believes that Bitcoin’s decentralized nature and limited supply make it a valuable asset in the long run. Soloway used the following statements:
If you look at Bitcoin historically, it fell when the stock market crashed. If S&P dumps as much as I think, Bitcoin will get caught in this sale.
Bitcoin, which has increased since the beginning of the year and is currently traded around $ 27,000, has experienced significant price fluctuations over the years. Bitcoin price saw several rallies and corrections, reaching all-time highs in 2021. The price hit a record around $69,000 in November of 2021. As of now, the market seems uncertain about Bitcoin’s short-term prospects, with some investors bullish and others bearish. However, most analysts agree that the long-term outlook for Bitcoin remains positive, given its strong fundamentals and growing acceptance by mainstream investors and institutions.
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