Gareth Soloway, trading expert at InTheMoneyStocks.com, warns that upcoming stock market sell-offs could seep into the cryptocurrency market.
The expert predicts that stock sales will be reflected in cryptocurrencies
Although the cryptocurrency market has recently turned green, their progress may be short-lived due to the negative impact from the stock sell-off spread, according to Soloway. In an interview published on April 5, the InTheMoneyStocks founder specifically stated that the stock market is under selling pressure, which could have far-reaching consequences, including for the crypto sector.
Panic selling can begin
According to Soloway, although recent bank run events have allowed cryptocurrencies, especially precious metals such as Bitcoin (BTC) and gold, to emerge as alternatives outside the banking system, Bitcoin hasn’t exactly overcome fear and uncertainty. According to the trade expert, panicked people “don’t ask questions, they sell” and such a period witnessed at the start of the Covid epidemic in March 2020 may be imminent in the near future:
I think that’s what we’re getting into. We are entering a period where I think you will realize that there is a recession in the stock markets… You will get these sales in the stock market. My guess is that this is flowing into crypto as well, creating more sell-off in crypto to the downside.
Bull market or bear market for cryptocurrencies?
On top of that, Soloway said he is still unsure whether the bull market will resume again as Bitcoin continues to have trouble breaking the $30,000 level. He referred to it as the “line in the sand” and still considers bearish possibilities. One is for Bitcoin to drop to $12,000-13,000 before any major rally.
However, if Bitcoin goes above $30,000 and “let’s stay there for a week or so and get ourselves back above that level, I guess I’ll say ‘OK, listen’ at that point. We’ve risen above the psychological dips of 2021’s bull market – now I think it’s bottomed out’ but as of right now, this is an unusual bear market rally for me.”
What levels do technical analysts expect in Bitcoin price?
According to Twitter’s popular crypto trader StockMoney Lizards, Bitcoin’s trajectory may soon turn bearish. However, the analyst also acknowledged that a correction is necessary before meeting the $30,000 demand.
It seems that traders are split in their predictions about price action. According to crypto market data provider Material Indicators, liquidity flowing to $29,000 to $30,000 has been requested. This means that some traders expect the lowest price that sellers will accept for BTC to be around the aforementioned region. cryptocoin.com We have included current Bitcoin analysis and price predictions in this article.
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