Analyst Gareth Soloway allowed the possibility of the bitcoin rate to fall below $10 000
According to the head of InTheMoneyStocks, after several months of sideways trading, the asset will take at least two years to reach a price of $65 000
22.06.2022 - 14:45
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2 min
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What’s new? Gareth Soloway, chief market strategist at InTheMoneyStocks.com, believes bitcoin will face a further correction below $20 000, despite signs of a recovery above that level. In his opinion, the next likely downside target for the asset will be $12 000, but the analyst also allowed for a correction below $10 000. He said this in an interview with Kitco News.
What else does Soloway say? He noted that the current environment of high inflation and rising US Federal Reserve System (Fed) interest rates makes it difficult to predict the cryptocurrency's decline. If bitcoin holds above $20 000, it will attract more bulls who will push it to another all-time high, Soloway noted.
According to him, after months of sideways trading, bitcoin might take at least two years to reach the $65 000 mark. The strategist suggested that in the long term, BTC will overcome the $100 000 mark, but for that the cryptocurrency market needs to get rid of worthless assets.
Bitcoin is trading at $20 695 as of June 22 at 14:10 UTC, down 4,29 percent in 24 hours, according to Binance.
Who is Gareth Soloway? He is a trader and investor with a decade of experience in the financial sector. He is the president and CFO of InTheMoneyStocks.com, a research, consulting and investment company. He uses his knowledge of crypto markets to educate newcomers.
On June 16, Blockstream CEO Adam Beck said bitcoin could reach the $100 000 mark by the end of 2022 if the US Securities and Exchange Commission (SEC) approves an application by Grayscale’s digital asset manager for a bitcoin ETF.
DoubleLine Capital co-founder Jeffrey Gundlach allowed BTC to fall to $10 000 and advised against buying the asset at current levels, despite the significant price drawdown.
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