In a recent interview with Gareth Soloway, chief market strategist at verifyinvesting.com, Soloway suggested that Bitcoin could bounce back to the $15,000 level if a significant stock market sell-off occurs.
Soloway predicts Bitcoin could fall to $15,000
Two days ago, in a newly released YouTube video, Gareth Soloway Verifiedinvesting.com sat down with Kitco News’ lead anchor and editor-in-chief Michelle Makori for a new interview, exploring Bitcoin’s latest trends and potential future trajectory. Soloway shared insights on his approach to analyzing diverse data sets to predict future trends and draw conclusions. He emphasized that the Bitcoin bull market of 2017 and 2021 coincided with significant events, including the introduction of regulated Bitcoin futures in 2017 and the Coinbase initial public offering (IPO) in 2021.
Soloway said:
These big news stories create huge hype and record highs for Bitcoin.
For Soloway, the current Bitcoin price level and the recent decline following certain developments seem logical. Regarding the GBTC outflow, he mentioned, “A lot of smart money was bought before this news became known.”
He added that the significant discounts GBTC received when trading were “kind of an added bonus for them as well.” The market strategist said his bigger concern is a bearish view on BTC that could occur in the event of a peak in the S&P market or a decline in risk in the broader market.
“I’m worried that Bitcoin could fall again,” Soloway told Makori. “If the stock market drops 50%, I see Bitcoin retesting the $15,000 level,” he added.
Soloway’s comments coincide with Deutsche Bank releasing a survey of over 2,000 respondents, which found that a third expected the value of BTC to fall below $20,000. Additionally, 15% of Deutsche Bank survey participants predicted that the BTC price would reach $40,000 to $75,000 by the end of 2024. At the same time, Arthur Hayes, former president of Bitmex, predicted that BTC could hit lows of $30,000 to $35,000. . Soloway said they are closely monitoring these developments and noted that it will be important to watch over the next three weeks or more.
Despite this bleak outlook, Soloway remains optimistic about Bitcoin in the long term and has expressed his intention to increase his BTC holdings if the price continues to fall. Previously, in a conversation with Makori in late October, he accurately predicted the approval of a spot Bitcoin ETF in early 2024. It remains to be seen whether his predictions of a stock selloff and BTC potentially reaching the $15,000 mark this year come true. . As of Sunday, January 28, 2024, BTC holds positions above $42K and is currently undergoing a consolidation phase.
What do you think about Gareth Soloway’s Bitcoin prediction? Let us know what you think about this topic in the comments section below.
Source: Bitcoin.com