In a recent interview with Gareth Soloway, the chief market strategist at verifiedinvesting.com, Soloway suggested that bitcoin might revisit the $15K level should a significant stock market sell-off occur.
Soloway Predicts Potential Bitcoin Dip to $15K
Two days ago, in a freshly released Youtube video, Gareth Soloway of verifiedinvesting.com engaged in a new interview with Michelle Makori, Kitco News’ lead anchor and editor-in-chief, delving into bitcoin’s latest trends and its potential future trajectory. Soloway shared insights on his approach to analyzing various data sets for forecasting future trends and drawing conclusions. He highlighted the alignment of the 2017 and 2021 bitcoin bull markets with significant events: the introduction of regulated bitcoin futures in 2017 and the Coinbase initial public offering (IPO) in 2021.
These big news stories create so much hype and the top in bitcoin.
For Soloway, the current bitcoin price level and its recent downturn following specific developments seem logical. He spoke about the outflows from GBTC, noting that “there was a lot of smart money that bought ahead of this news.”
The substantial discount at which GBTC was trading, he added, was “kind of an extra bonus to them as well.” The market strategist said his greater concern is a bearish view on BTC that could occur if we see a peak in the S&P market or a de-risking occurrence in the broader markets.
“I do worry that bitcoin could head back down,” Soloway told Makori. “If we saw a 50% drop in the stock market, I do see bitcoin retesting that $15,000 level,” he added.
Soloway’s remarks coincided with Deutsche Bank releasing a survey involving over 2,000 respondents, where a third anticipated BTC’s value falling below $20K. Additionally, 15% of participants from the Deutsche Bank survey forecasted BTC prices ranging from $40K to $75K by the end of 2024. Concurrently, Arthur Hayes, the ex-boss of Bitmex, predicts BTC could hit lows of $30K to $35K. Soloway is closely monitoring these developments and mentioned that the upcoming three-plus weeks are critical to observe.
Despite these bleak projections, in the long term, Soloway remains optimistic about bitcoin, expressing his intention to increase his BTC holdings if prices continue to decline. Previously, in his conversation with Makori in late October, he accurately predicted the approval of spot bitcoin ETFs in early 2024. It remains to be seen if his predictions regarding an equities sell-off and BTC potentially reaching the $15K mark this year will materialize. As of Sunday, Jan. 28, 2024, BTC is maintaining its position above $42K, currently undergoing a phase of consolidation.
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