Bitcoin

After a brief collapse, Bitcoin (<a href="https://finbold.com/cryptocurrency/bitcoin/" rel="noopener noreferrer nofollow">BTC</a>) has made a remarkable recovery, but some <a href="https://finbold.com/guides/finance/" rel="noopener noreferrer nofollow">financial</a> experts are not certain that either the <a href="https://finbold.com/category/cryptocurrency-news/" rel="noopener noreferrer nofollow">cryptocurrency market</a> or the flagship decentralized finance (<a href="https://finbold.com/guide/liquidity-mining-definition/" rel="noopener noreferrer nofollow">DeFi</a>) asset is yet in the clear, expecting them to tumble further down before they can regain their full strength.Indeed, InTheMoneyStocks.com chief market strategist Gareth Soloway cautions <a href="https://finbold.com/guide/cryptocurrency-trading/" rel="noopener noreferrer nofollow">crypto traders</a> and <a href="https://finbold.com/guides/investing/" rel="noopener noreferrer nofollow">investors</a> not to become swayed by the gains at present, reminding that similar situations have happened before and that more pain could be waiting, as he told Kitco’s Michelle Makori in an <a href="https://www.youtube.com/watch?v&#61;2INAcG5AB1M" rel="noopener noreferrer nofollow">interview</a> published on April 28.According to him:<blockquote>“[If] you look at the 2018 and 2019 <a href="https://finbold.com/guide/bear-market-definition/" rel="noopener noreferrer nofollow">bear markets</a>, [Bitcoin] had bigger rallies than this in percentage terms, (…) and people again seem to forget that, so don’t be fooled, I’ve been through many bear markets, in <a href="https://finbold.com/guide/what-are-commodities/" rel="noopener noreferrer nofollow">commodities</a>, in the <a href="https://finbold.com/category/stocks-news/" rel="noopener noreferrer nofollow">stock market</a>, in <a href="https://finbold.com/guides/cryptocurrency/" rel="noopener noreferrer nofollow">crypto</a> in my trading career and sometimes it turns out to be the lipstick on the pig here.”</blockquote><h2 id="header-0">$9,000 – $13,000 possible?</h2>Furthermore, Soloway said that he was focusing on the $30,500 level, and “if we do get through that, then I actually think the low is likely in on <a href="https://finbold.com/topic/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin</a> at $15,700.” On top of that, he believes that Bitcoin “could still roll over and head lower, so I still think there’s a chance for $12,000 to $13,000, maybe even $9,000.”Additionally, the trading expert warned that the presence of a large number of digital assets “that have no use case” might be contributing to the prolongation of the crypto winter that he believes has “almost been too easy,” expressing concern over these assets “getting pumped on a daily basis” and “just flooding the market and going up ridiculous amounts.”<h2 id="header-1">Bitcoin price analysis</h2>In the meantime, Bitcoin is currently changing hands at the price of $29,223, up 0.90% on the day and gaining 3.42% across the week, adding up to the monthly increases of 7.08%, according to the most recent data retrieved by Finbold on April 28.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/99fd21ddc3964e8d9ca5da2ed238aa9f.png" />Bitcoin 30-day price chart. Source: <a href="https://finbold.com/cryptocurrency/bitcoin/" rel="noopener noreferrer nofollow">Finbold</a>Whether Soloway’s predictions come true and Bitcoin actually drops to $12,000 or even $9,000 will depend, not just on historical <a href="https://finbold.com/guide/chart-patterns/" rel="noopener noreferrer nofollow">chart patterns</a>, but also on the general crypto market and macroeconomic sentiment, as well as the developments directly related to the maiden <a href="https://finbold.com/cryptocurrencies/" rel="noopener noreferrer nofollow">cryptocurrency</a> itself.Watch the entire video below:<react-video url="https://youtu.be/2INAcG5AB1M"></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>.

Expert trader warns: ‘Lipstick on a pig’ could send Bitcoin prices tumbling

Table of Contents

Finbold

Other articles published on Apr 30, 2023

Best Fantom Wallets 2024 - Store Your FTM Coins with Confidence

How To Predict Crypto Prices By Understanding Bitcoin, Ethereum, and Premium Altcoins Dynamics

eCash Monthly Recap - April 2023

Investors Dump Monero (XMR) And Litecoin (LTC) To Take Advantage Of Sparklo (SPRK) Presale

400-year-old bank says Bitcoin set to reclaim finance sector spotlight

Shido - In World's First DeFi ATM!

Join our free newsletter for daily crypto updates!