The cryptocurrency market welcomes Bitcoin’s recent price surge, with the king coin crossing the $ 48k mark. Over the past 48 hours, investors are once again feeling hopeful about BTC’s future price action.
That being said, is there any other side to this? Given the current scenario, is it possible that BTC could once again start to decline and go as low as $ 20k or even higher?
– Gareth Soloway (@GarethSoloway) August 19, 2021
Gareth soloway, the chief market strategist at InTheMoneyStocks.com, discussed this very question during a recent interview. Surprisingly, Soloway remains one of the few who maintains that Bitcoin will continue to lose value and drop to $ 20,000 on the charts. According to,
“… Bitcoin will eventually hit the $ 18k to $ 20k mark, there’s really no question in my mind.”
He claimed that Bitcoin is replicating the major rallies of 2013 and 2017. At the same time, Soloway noted that Bitcoin still had a bullish target of around $ 50,000 – $ 52,000, albeit only for a short period. He added,
“In the short term … try this head and shoulder cleavage, what we call ‘going back to the crime scene.’ I still think you have a $ 50,000 to $ 52,000 advantage.”
Historical Bitcoin price movements have noticed significant price corrections. In making a comparison with the BTC price trajectory in 2013 and 2017, the strategist remained confident in the long-term “inevitable” drop.
In fact, Soloway was also quick to chart the movements of cryptocurrencies in 2013 and 2017. According to him, the two aforementioned “mega-movements” mean nothing and a drop seems imminent.
However, the analyst also presented another interesting point of view. In the analyst’s view, there is a possibility that the downward and upward movement in the price of Bitcoin will accelerate and the number of market participants will affect the price.
“So the question you need to ask yourself is, is that because there are a lot more participants in the market now compared to 2013, 2017, maybe a lot more institutions that were buying the bathroom or people who were buying the bathroom. Maybe it has something to do with all the liquidity and dollars that the Fed has been flooding the market. “
Bitcoin’s value dropping nearly 50% from $ 64,800 could be fueling the strategist’s views on crypto. However, it is worth noting that not everyone agrees.
In fact, a recent article argued that BTC is highly unlikely to drop even to $ 30k in the future. According to Glassnode, the Bitcoin network also retains much of its strength.
Needless to say, opinions remain divided on where Bitcoin might go.
This is a machine translation of our English version.
Your opinion is important to us!