Bitcoin

Despite the <a href="https://finbold.com/category/cryptocurrency-news/" rel="noopener noreferrer nofollow">cryptocurrency market</a> trading back in the green; its advances could prove short-lived due to the negative influence from the <a href="https://finbold.com/stocks/" rel="noopener noreferrer nofollow">stock</a> sell-off spilling over, according to the Chief Market Strategist at InTheMoneyStocks.com, Gareth Soloway.Specifically, Soloway believes that the <a href="https://finbold.com/category/stocks-news/" rel="noopener noreferrer nofollow">stock market</a> is in for a sell-off and that this situation could have wide-reaching consequences, including in the <a href="https://finbold.com/guides/cryptocurrency/" rel="noopener noreferrer nofollow">crypto</a> sector, as he told Stansberry Research’s Daniela Cambone in an <a href="https://www.youtube.com/watch?v&#61;V0Qi5m3Kjuk" rel="noopener noreferrer nofollow">interview</a> streamed on April 5.<h2 id="header-0">Panic selling</h2>In his view, although the recent <a href="https://finbold.com/guides/banking/" rel="noopener noreferrer nofollow">bank</a> runs have allowed <a href="https://finbold.com/cryptocurrencies/" rel="noopener noreferrer nofollow">cryptocurrencies</a>, particularly Bitcoin (<a href="https://finbold.com/cryptocurrency/bitcoin/" rel="noopener noreferrer nofollow">BTC</a>), and precious metals like <a href="https://finbold.com/topic/gold/" rel="noopener noreferrer nofollow">gold</a> to stand out as alternatives outside the <a href="https://finbold.com/category/banking-news/" rel="noopener noreferrer nofollow">banking system</a>, as he had noted that this was exactly why <a href="https://finbold.com/topic/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin</a> came into being, this situation still didn’t trump fear and emotion.According to the trading expert, people in panic “don’t ask questions, they sell,” and such a period, as the one witnessed during the beginning of the Covid pandemic in March 2020, could be in store in the near future:<blockquote>“I think that’s what we’re coming into. We’re coming into a period in the equity markets where I think you’re going to get a realization there’s a <a href="https://finbold.com/guide/recession/" rel="noopener noreferrer nofollow">recession</a>. (…) You’re going to get this sell-off in the stock market. My guess is it bleeds into crypto, and it creates more selling in crypto to the downside.”</blockquote><h2 id="header-1">Bull or bear market?</h2>On top of that, Soloway said he was still unsure about whether or not the <a href="https://finbold.com/guide/bull-market-definition/" rel="noopener noreferrer nofollow">bull market</a> is back on with Bitcoin as it keeps having trouble breaking the $30,000 level, referring to it as the “line in the sand” and still hanging on the possibility of the flagship decentralized finance (<a href="https://finbold.com/guide/liquidity-mining-definition/" rel="noopener noreferrer nofollow">DeFi</a>) asset <a href="https://finbold.com/pro-trader-says-bitcoin-to-dive-to-13k-before-major-rally-as-financial-crisis-2-0-unfolds/" rel="noopener noreferrer nofollow">dropping to $12,000-$13,000</a> by before any major rally.However, his belief is that if Bitcoin does get above $30,000 and “we stay there for, let’s say, a week or so, and establish ourselves back above that level, I think at that point then I’ll say, ‘Okay, listen, we’re back above the psychological lows from the bull market of 2021 – now I think the low is in,’ but as of now, to me, this is a run-of-your-mill <a href="https://finbold.com/guide/bear-market-definition/" rel="noopener noreferrer nofollow">bear market</a> rally.”Meanwhile, the crypto sector’s representative is trading at the price of $28,553, up 0.82% on the day, as well as gaining 4.62% across the week and 27.35% in the last 30 days, according to the <a href="https://finbold.com/" rel="noopener noreferrer nofollow">Finbold</a> data on April 5. At the same time, <a href="https://finbold.com/guide/best-crypto-data-websites/#CoinMarketCap" rel="noopener noreferrer nofollow">CoinMarketCap</a> information indicates that the total crypto market capitalization has climbed 1.08% in the last 24 hours, currently standing at $1.2 trillion.Watch the entire video below:<react-video url="https://youtu.be/V0Qi5m3Kjuk"></react-video>Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.Read more cryptocurrency news on <a href="https://finbold.com/category/cryptocurrency-news/?utm_source&#61;CMC&amp;utm_medium&#61;social&amp;utm_campaign&#61;CMC&amp;utm_content&#61;long" rel="noopener noreferrer nofollow">Finbold.com</a>.

Trading expert warns looming stock market sell-off could bleed into crypto

Table of Contents

Finbold

Other articles published on Apr 5, 2023

TE-FOOD implemented blockchain based traceability at Pannonia Bio, the largest biorefinery in Europe

If Litecoin Breaks the Critical Resistance Level, What Will be its Target in Dollars?

Sentiment Hacked For Over $500K

Metacade announces partnership with Metastudio ahead of highly anticipated Uniswap Listing

New Shido partnership! Shido X Tier 7 Network

Cash App Creator Dies Following Stabbing in San Francisco

Join our free newsletter for daily crypto updates!