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Is a bullish trend on the horizon for Bitcoin and Altcoins? Gareth Soloway’s pre-election prediction
Over the past week, the cryptocurrency market has seen significant price swings due to increased volatility. Major cryptocurrencies are struggling to keep their value above key support levels. Bitcoin corrected by 3.61%, while ETH and XRP suffered even larger declines of 6.61% and 4.96%, respectively, signaling prevailing bearish sentiment. Amid this uncertainty, the question arises: Will the sector see a bullish recovery in the coming week, due to continuous price fluctuations?
He turned to expert trader Gareth Soloway Bitcoin price projections in an interview with Altcoin Daily. Gareth predicted a rally in the traditional markets and Bitcoin until the presidential elections due to interest rate cuts. He detailed the worst-case scenarios and why BTC will not drop to $12,000 again.
We’re excited to hear about the next step in BTC price movement, right?
Explore worst-case scenarios
Soloway was surprised by Bitcoin’s performance this year because it is associated with the stock market as a risky asset. He expects things to change, but not soon. It suggests the worst case scenario. First, you said that if the stock market were to experience a severe recession, similar to the Great Recession of 2008-2009, it could lead to panic selling in financial markets, including cryptocurrencies like Bitcoin.
In such a scenario, the price of Bitcoin could experience a significant decline. Soloway also highlights the importance of key price levels, focusing specifically on the $30,000 mark for Bitcoin. A break below this level could indicate a shift towards bearish sentiment, potentially leading to further price declines.
He also mentioned the second worst-case scenario for Bitcoin, suggesting that if it were to drop below $56,000, it could experience a significant decline. Soloway analyzed Bitcoin’s recent price movements, noting the formation of a “lateral channel” after reaching $75,000.
According to him this pattern is bullish, suggesting that Bitcoin is consolidating with the potential for an upside breakout. Soloway highlighted that $74,000 is the crucial level; If Bitcoin breaks that threshold, it could trigger a significant rally, potentially pushing its price to $100,000 in the next six to twelve months.
Therefore, it is important to observe key technical levels, such as $69,000 and $56,000, to analyze Bitcoin’s short-term direction.
Facing the potential of $12,000
He also addressed the possibility of Bitcoin reaching $12,000 this cycle, indicating that while unlikely, extreme market conditions could lead to such a scenario. He explains that since Bitcoin surpassed $30,000, even if something major happened in the economy, such as a big stock market crash similar to the one in 2008, Bitcoin’s fall to $12,000 is still doubtful.
For him, $30,000 represents a really important level in the price of Bitcoin, marking the transition from a bear market to a bull market. So, a return to $12,000 seems unlikely given today’s conditions.
Also check: ChatGPT Predicts Bitcoin Price: When Will BTC Price Start Bull Run?