The Chief Market Strategist at InTheMoneyStocks.com, Gareth Soloway, recently shared some shocking and thought-provoking news about Bitcoin. InTheMoneyStocks.com is an investment management and broker advice platform. Soloway claimed that the recent crash of the stock market could have a detrimental impact on the crypto market and price movement for Bitcoin.
He was speaking to the reporters at Kitco News. Soloway said that looking at the price corrections last Thursday and Tuesday, it seems highly likely that volatility is returning to Bitcoin. He further explained that some technical analysis points out that the crypto market can also face a crash in the near term. As per his expert opinion, the cryptocurrency market is going through a short-term gains period at present.
Investment advisor, Soloway, has issued some alarming predictions about the price movement for Bitcoin. He thinks that it is normal for the virtual currency market to experience small periods of correction before scoring a major gain. However, he claimed that at present, the market conditions are not favorable for a massive bullish follow-up.
He also added that based on the technical indicators, the breakdown of the solid wedge pattern is a highly anticipated event. He remarked that if it comes to pass, the crypto market is likely to move into a deep sleep. He also believes that the most important variable that can change the market is investment traffic from the retail investors that can save the market from crashing further.
Technical Analysis Reveals Bitcoin may Plunge to $18K
According to stock market strategist Gareth Soloway, the Bitcoin market is standing on the verge of a major collapse. He claimed that the flagship cryptocurrency might be pushed back to the $18K-$20K price point. He based his predictions on the technical analysis of the historical price movement. As per his observation, the BTC market is replicating the bull run patterns from 2013 and 2017.
He claimed that this time around, Bitcoin has the opening to reach as high as $50K before experiencing a major setback. Talking to journalists at Kitco News, he remarked that many institutional investors have already bought Bitcoin from the last dip. Due to the liquidity and Federal monetary policies with the dollar, the crypto market has a higher number of retail investors more than at any time in history.