The leading cryptocurrency Bitcoin (BTC) is trying to hold above the $20,000 psychological support. Although some analysts talk about $ 100,000 for the end of the year, the situation does not look encouraging. In this environment, a veteran trader makes a doomsday prediction for BTC.
Is Bitcoin (BTC) doomsday approaching?
cryptocoin.comAs you follow, Bitcoin broke above the $20,000 level on Wednesday. But as long as BTC is repeatedly rejected at these levels, it’s also getting harder to stay there. BTC has been hovering between $18,000 and $20,000 for about a month. It is likely to repeat this success in October. Veteran trader Gareth Soloway, who has been on the stock market for two decades, believes that Bitcoin’s problems have not yet begun. Soloway is making an apocalyptic prediction for Bitcoin that could leave investors feeling nervous.
If Soloway’s Bitcoin price prediction comes true in the future, the crypto markets will be in the worst case ever recorded. Markets are likely to turn the market upside down leaving traders high and dry with nowhere to go. Financial analyst Gareth Soloway said in a recent interview that the worst-case scenario for Bitcoin is $3,500. “In the worst case scenario, Bitcoin will reach $3,500,” Soloway says.
What is the doomsday prediction based on?
According to Soloway, the reason behind BTC reaching $3,500 levels is that crypto markets have never faced a recession so far. After the 2008 stock market crash, markets were running smoothly, without inflation and recession. US GDP remained on the positive side. But in 2022 this is no longer the case. GDP has been negative for three consecutive quarters. Hence, the US has officially entered a technical recession.
Soloway notes that the road ahead is more downhill. Accordingly, he states that Bitcoin is ready for further and drastic possible corrections. In this context, the analyst makes the following assessment:
I think the key here is understanding what kind of market we are in. In a bear market, it takes a long time for prices to rise because people are afraid. So, if you’re in a bull market, you get the slightest bit of news and the price goes up. There may even be unrelated news. But the problem is that we are in a bear market. And in a bear market, people really need value.
Whether or not Bitcoin will drop from its current $20,000 levels to $3,500, gaming investors need to wait and watch. A drop from $20,000 to $3.5k represents another 82.5% correction. It is also too scary to be true as BTC will drop 95% from its all-time high of $69,044.
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