Bitcoin

Bitcoin (<a href="https://finbold.com/cryptocurrency/bitcoin" rel="noopener noreferrer nofollow">BTC</a>), despite gaining slightly more than 70% so far this year, presently <a href="https://finbold.com/bitcoin-adds-30-billion-to-its-market-cap-in-a-day-is-btc-price-set-to-hit-30000/" rel="noopener noreferrer nofollow">trading at roughly $28,400</a>, is predicted to fall below $13,000 before another rally.The latest forecast comes from the Chief Market Strategist of InTheMoneyStocks.com, Gareth Soloway, who believes that in spite of the flagship digital asset’s current push towards $30,000, it will plummet to levels not seen since November 2020. The prediction also comes amidst recent <a href="https://finbold.com/guides/banking/" rel="noopener noreferrer nofollow">bank</a> failures in the United States, including Silvergate Bank, <a href="https://finbold.com/three-key-takeaways-from-the-silicon-valley-bank-collapse/" rel="noopener noreferrer nofollow">Silicon Valley Bank</a>, and Signature Bank, and UBS’s takeover of <a href="https://finbold.com/guide/buy-bitcoin-with-credit-suisse/" rel="noopener noreferrer nofollow">Credit Suisse</a>, formerly the second-largest bank in Switzerland.Soloway stated in an <a href="https://www.youtube.com/watch?v&#61;YhW-g8jFpoM" rel="noopener noreferrer nofollow">interview</a> with Kitco News on March 29 that the ongoing banking crisis has resulted in investors pulling their funds from banks and <a href="https://finbold.com/guides/investing/" rel="noopener noreferrer nofollow">investing</a> in Bitcoin, contributing to its recent rally. However, he noted that as the financial system becomes more stable, Bitcoin’s value will decrease, potentially dropping to as low as $9,000 in 2023.<blockquote>“This is a basic financial crisis 2.0. We don’t know how bad this is going to get… this is like a Lehman moment potentially.”</blockquote>He added:<blockquote>“By the end of the year I think it will at least hit $12,000-$13,000. The basics of this are that number one we have to still wait for regulation so especially with the uncertainty. &lt;…&gt; Ultimately we have to remember that that you’re at a point where regulation is still keeping big money out and that people are still subject to absolute fear.”</blockquote><h2 id="header-0">Bitcoin previously decreased in tandem with the stock market</h2>Soloway correctly predicted the Bitcoin bottom in 2021, and his two decades of professional trading experience have made him a respected voice in the industry. He further stated that historically, Bitcoin’s value has decreased in tandem with the <a href="https://finbold.com/stocks/" rel="noopener noreferrer nofollow">stock market</a> during times of economic downturn. Therefore, if the S&amp;P endures significant losses, Bitcoin will likely be caught up in the selling.He added:<blockquote>“If you look historically at Bitcoin, it has gone down when the stock market has gone down. If the S&amp;P dumps as much as I think, Bitcoin will get caught up in that selling.”</blockquote>Despite his near-term bearish stance, Soloway remains a long-term Bitcoin bull. He believes that Bitcoin’s value will initially drop due to the ongoing banking crisis and potential stock market sell-off, but it will recover and continue its long-term growth trajectory.Watch the full interview below:<react-video url="https://youtu.be/YhW-g8jFpoM"></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>.

Pro trader says Bitcoin to dive to $13k before major rally as ‘financial crisis 2.0′ unfolds

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Alte articole publicate pe 29 mar. 2023

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