You Will See Bitcoin and ETH at These Bottoms!

Stocks, Bitcoin and altcoin prices, and gold fell last Friday as the US dollar climbed amid growing recession fears. But assets, at least cryptocurrencies, seem to have gained a bit more momentum at the time of writing. So what’s next? Here are the comments from the Chief Market Strategist of InTheMoneyStocks…

“The pain is not over yet” in risky assets like Bitcoin and altcoins

Gareth Soloway, Chief Market Strategist of and Co-Founder and President of Verified Investing Education, said the pain for risk assets is not over yet. Soloway stated that in Ethereum, the merge that took place on September 15 was not enough to push prices up as many crypto investors expected. The strategist used the following statements:

The key here is to understand the type of market we are in, and when in a bear market it takes a long time for prices to rise because people are afraid. If you are in a bull market, the price will explode at the slightest news. There may even be news that are not related to this topic. But the problem is that in a bear market people really need value, they need to know that things change immediately. Merge doesn’t do that. Yes, in the long run it’s probably great for Ethereum, but in the near term everyone is focusing on the US dollar, the FED, interest rates. All of that just crushes risk assets right now.

Soloway shares downside target in Bitcoin and ETH

Soloway said that cryptocurrencies, especially larger cryptos like Bitcoin and Ethereum, will continue to be traded with exchanges. It maintains its downside target of $600 for Ethereum. In Bitcoin, Soloway’s downside target is between $12,000 and $13,000. As we have reported, Bitcoin last saw these levels in July 2020. Soloway uses the following expressions:

If the dollar continues to strengthen and the Fed seems to want to make sure it strengthens, then you will break this $18,000 to $19,000 level and your next stop will be this $12,000 to $13,000 level. This is my best scenario. In the worst case, you have to look back at the times when Amazon fell 95 percent during this crash. If crypto is going through such a process, you may face a worst-case scenario of $3,500.

4 Last Minute Developments For Altcoins

What is the stock market and gold forecast?

Soloway said US stock indices are headed to their pre-pandemic highs. He states that the markets have started to decline and that he has faced excessive selling in the short term. Therefore, it points to the possibility of a bounce next week. Soloway’s comments came as Goldman Sachs cut its year-end forecast for the S&P 500 to 3,600 on Friday. That is, the bank cut its forecast roughly 16% below current levels.

On the subject of gold, Soloway said Friday’s drop could be attributed to a case of panic selling across all asset classes bringing it all together. Soloway thinks that gold will continue to be the best performing asset this year compared to stocks and cryptocurrencies. He noted that the gold price is likely to climb from current levels by the end of the year.

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