In one recently tweet CryptoRank only holds 6.3% of the total Bitcoin supply, or 1.3 million BTC, on crypto exchanges. A reduced offer isn’t news, however, as Bitcoin halved in 2020 when the BTC block reward was split in two.
Despite growing concerns, BTC has now shown some good ways. At the time of going to press, it was up more than 6% in 24 hours. But is that enough?
And the winner is…
Gareth Soloway, chief marketing strategist at technical market advice platform InTheMoneyStocks.com, expressed his concerns in a recent interview. Well, the concern is with the BTC followers, but quite the opposite for the gold followers. Why here.
Bitcoin, as predicted, to be the best performing asset in 2021. The following table shows the same.
Source: YouTube
But will this last until 2022? According to Soloway’s forecast, gold will outperform both Bitcoin and the stock market by 2022.
“I am optimistic about gold. I think gold is going to be the biggest performer in 2022, and you can see this beautiful wedge forming right here on the chart. I suspect we will break out in the opposite direction and you will see a surge at least back to the 2020 highs. “
Here is a diagram that shows the same thing.
Source: YouTube
Additionally, Soloway stated that gold could hit its target price of $ 3,000. Well, thanks to rising inflation, the numbers and the possibility of a rate hike. He predicts:
“I think even a potential price target of $ 3,000 for gold. Finally, you need to look at the inflation number as it won’t go back to 2%. said Soloway.
But what about King Coin?
Needless to say, the reported traders brought up an ambiguous story about the royal coin.
Source: YouTube
Start with the positive first. Bitcoin will see some significant gains in the short term. Given the ongoing volatility, Soloway expects Bitcoin to hit a high of $ 54,000 within the next three weeks. Currently, BTC is trading above the $ 51,000 mark, up 6% in 24 hours. But in the long run you have to worry.
“My bigger interest in BTC is what we see on the longer (cycle) chart,” claims Soloway. He expects the cryptocurrency to decline in price over the next six months. He expects BTC to dip to around $ 30,000 or even $ 20,000 in 2022 before breaking out again, based on historical price movements. The analyst said
“I would go on to say that BTC will revisit $ 30,000 in 2022 with good potential of at least up to $ 20,000 (in the same year).”