According to Gareth Soloway, Bitcoin threatens to fall below $20,000 after rallying to $46,000
Gareth Soloway, chief market strategist at InTheMoneyStocks.com, said that Bitcoin’s continued volatility could see the asset fall below $20,000, but the long-term prospects remain optimistic.
Speaking to Kitco News, Soloway said that bitcoin price is likely to hit $17,000 but will slightly rally to around $46,000 in the short term, although it may not be able to sustain that level for too long.
Gareth Soloway believes this correction is a result of the unleveraged general market spilling over to Bitcoin.
“Just looking at Bitcoin’s metrics and performance, I don’t know if the exact price is $19,000 or $17,000 or somewhere in between, but I think it will lose $20,000. In the short-term, I see small upside potential for Bitcoin, possibly back to $46,000 or higher, but this level will eventually break on a market downturn.”
The strategist pointed out that ongoing blockchain development will benefit Bitcoin in the long term. According to him, alongside support from individuals like Tesla CEO Elon Musk and Jack Dorsey, Bitcoin is likely to attract more institutions. At the same time, he still believes that cryptocurrencies have a bright future ahead after weathering all the storms. He claimed the Federal Reserve operation created a bubble that needed to be burst.
Furthermore, according to Gareth Soloway, the long-term uptrend for Bitcoin is also related to the growing NFT sector. However, he emphasized that the NFT space is also in a bubble but will grow after the explosion.
Bitcoin may have a dot.com moment
Over the past few months, Soloway has emphasized that the market will see a significant correction in Bitcoin. The strategist previously said Bitcoin is trading in an awkward pattern and is likely to experience a “dot.com moment.”
Source: Kitco News
With Bitcoin trading below the key $46,000 level, Soloway believes the asset could continue to correct.
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