2024

Bitcoin

David

DeFi

Avalanche

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 <p class="paragraph">Bitcoin (BTC) continues to exhibit bullish sentiment, maintaining its position above the $50,000 mark as the market anticipates a possible push toward a new record high. Despite the optimistic market conditions, uncertainty over the digital asset’s next move still looms.</p>
 <p class="paragraph">In this line, cryptocurrency trading expert Gareth Soloway, during an interview with <em>David Lin</em> published on February 18, suggested that Bitcoin can potentially experience a drop, drawing parallels with the stock market.</p>
 <p class="paragraph">According to Soloway, amid the bullish conditions, Bitcoin could retest the $30,000 mark if the stock market undergoes a correction ranging between 20% to 30%. He considers this potential new Bitcoin position a ‘line in the sand’ and views it as an accumulation opportunity.</p>
 <p class="paragraph">This perspective aligns with Soloway’s broader thesis that Bitcoin tends to behave as a risk asset and could naturally undergo sell-offs during periods of broader market decline.&nbsp;</p>
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  <p class="paragraph">“My major line in the sand is that $30,000 to $32,000 <a rel="noopener noreferrer nofollow" title="level" href="https://thebittimes.com/tag/level.html">level</a>, so if we can retrace there I’ll start accumulating pretty heavily. &lt;…&gt;&nbsp; My thesis is that if we see a 20-30 % correction in the stock market, then have to talk about Bitcoin possibly coming back to $30,000 to $32,000,” he said.&nbsp;</p>
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 <p class="paragraph">Additionally, while highlighting the frothiness in the market, Soloway drew parallels between the current sentiment on social media and the behavior seen during the previous Bitcoin market top at $69,000.&nbsp;</p>
 <p class="paragraph">He expressed concern about a prevailing attitude reminiscent of stock market bubbles, where speculative behavior leads to an assumption that any investment choice is a winning one.</p>
 <h2 class="wp-block-heading" id="h-possibility-of-bitcoin-reclaiming-record-high-nbsp">Possibility of Bitcoin reclaiming record high&nbsp;</h2>
 <p class="paragraph">At the same time, while anticipating a price pullback, Soloway dismissed the possibility of Bitcoin reclaiming its last record high of almost $69,000 before any potential correction. However, he acknowledged the existence of fundamental, long-term reasons to be bullish on Bitcoin.</p>
 <p class="paragraph">Furthermore, the expert commented on the drivers behind the recent Bitcoin rally. Despite the recent surge, Soloway believes the rally is no longer solely driven by the spot exchange-traded fund (ETF) or the upcoming halving.&nbsp;</p>
 <p class="paragraph">Instead, he pointed to broader market dynamics, emphasizing the role of money and risk assets in propelling Bitcoin’s recent gains.</p>
 <p class="paragraph">It’s worth noting that Soloway joins other market players who believe that Bitcoin has the potential to correct. For instance, as reported by Finbold, crypto trading expert <em>Alan Santana</em> suggested that based on recent technical indicators, Bitcoin faces a possible ‘fast, sudden, and strong’ drop.</p>
 <h2 class="wp-block-heading" id="h-bitcoin-price-analysis">Bitcoin price analysis</h2>
 <p class="paragraph">By press time, Bitcoin was trading at $51,669, reflecting a daily gain of nearly 1%. The maiden cryptocurrency has surged by almost 8% on the weekly chart.</p>
 <figure class="wp-block-image aligncenter size-large"><img decoding="async" width="1024" height="683" src="https://cdn.thebittimes.com/images/2024/02/18/99a8222b246212b9ec889df3af2e2c39.webp" alt class="wp-image-155739" srcset="https://cdn.thebittimes.com/images/2024/02/18/99a8222b246212b9ec889df3af2e2c39.webp 1024w, https://cdn.thebittimes.com/images/2024/02/18/99a8222b246212b9ec889df3af2e2c39.webp 300w, https://cdn.thebittimes.com/images/2024/02/18/99a8222b246212b9ec889df3af2e2c39.webp 768w, https://cdn.thebittimes.com/images/2024/02/18/99a8222b246212b9ec889df3af2e2c39.webp 1200w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption"><em>Bitcoin seven-day price chart. Source: Finbold</em>
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 <p class="paragraph">In technical <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a>, Bitcoin is currently dominated by bullish sentiments. A summary of the one-day gauges retrieved from <em>TradingView</em> aligns with the ‘buy’ signal at 10. Moving averages signal a ‘strong buy’ at 13, while oscillators recommend a ‘neutral’ stance at 9.</p>
 <figure class="wp-block-image aligncenter size-large"><img decoding="async" width="1024" height="191" src="https://cdn.thebittimes.com/images/2024/02/18/21eeb60f153b5408c1cad3e756109a51.webp" alt class="wp-image-155740" srcset="https://cdn.thebittimes.com/images/2024/02/18/21eeb60f153b5408c1cad3e756109a51.webp 1024w, https://cdn.thebittimes.com/images/2024/02/18/21eeb60f153b5408c1cad3e756109a51.webp 300w, https://cdn.thebittimes.com/images/2024/02/18/21eeb60f153b5408c1cad3e756109a51.webp 768w, https://cdn.thebittimes.com/images/2024/02/18/21eeb60f153b5408c1cad3e756109a51.webp 1536w, https://cdn.thebittimes.com/images/2024/02/18/21eeb60f153b5408c1cad3e756109a51.webp 1591w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption"><em>Bitcoin technical analysis. Source: TradingView</em>
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 <p class="paragraph">In the meantime, Bitcoin bulls hope the asset maintains its valuation above the $50,000 mark, as it’s crucial to helping the cryptocurrency mount a new all-time high.&nbsp;</p>
 <p class="paragraph"><em>Watch the full interview below: </em></p>
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  <div class="wp-block-embed__wrapper"><iframe loading="lazy" title="1970's Style Inflation To Decimate Markets, Where Still Stocks, Bitcoin Go? | Gareth Soloway" width="500" height="281" src="https://www.youtube.com/embed/vNAuCQbZyVI?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe>
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 <p class="paragraph"><strong><em>Disclaimer:</em></strong><em>&nbsp;The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/major-line-in-the-sand-analyst-names-next-btc-levels-to-watch-tbt80147.html">https://thebittimes.com/major-line-in-the-sand-analyst-names-next-btc-levels-to-watch-tbt80147.html</a></p>

‘Major line in the sand’: Analyst names next BTC levels to watch

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