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

Зміст

Finbold

Інші статті, опубліковані 29 бер. 2023 р.

UK Treasury drops plans for Royal Mint NFT

Bitcoin Recovers as Altcoins Rally ahead of the Recent Market Dip

CZ response for Binance and CEO Sued By US CFTC Over Alleged Regulatory Violations

How to get started on Vela exchange

Ripple CTO Mocks SEC and CFTC Regulation Updates

Cosmos Finally Gets Native Stablecoin With Impending USDC Launch

Приєднуйтеся до нашої безкоштовної розсилки для отримання щоденних оновлень щодо крипто!