Bitcoin, stocks and gold price are ready for big moves, but not all moves will be made equally, according to one analyst. The chief market strategist at InTheMoneyStocks shared his predictions…
Gareth Soloway comments on Bitcoin, shares and gold price
Gareth Soloway, chief market strategist at InTheMoneyStocks.com, discusses which of Bitcoin, stocks and gold is more likely to move up. cryptocoin.com As we reported, even though Bitcoin has broken all-time highs in recent weeks, it is still struggling to break the double top. Soloway noted that in past bull cycles, namely 2013 and 2017, there was a double top after a sharp correction in prices and added the following statements:
The last thing an investor would want to do is jump high. Whether it’s stock charts or crypto charts, historically double tops can be significant ups before big moves to the downside. So the last thing an investor would want to do is put in new capital before making sure it’s a major breakout to the upside.
Soloway’s outlook for the stock market is slightly more bearish for the new year. The analyst says he opposes the Christmas rally. On the subject of gold, Soloway said that a major breakout from current levels is now possible. “If you look back at the 1970s if interest rates were rising due to inflation, gold really did outperform. If you look at the last 20-30 years without inflation, rising interest rates actually hurt gold. But in the current situation, we’re heading back to a repeat of the 1970s and 1980s, and gold is starting to rise,” he said.
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