Gareth Soloway, the Chief Market Strategist of InTheMoneyStocks.com, suggested that Bitcoin (BTC) will experience a drop in value below $13,000 in the short-term, despite its recent surge of over 70%. His analysis is backed by facts of recent bank failures, such as Silvergate Bank, Silicon Valley Bank, Signature Bank, and UBS’s acquisition of Credit Suisse, resulting in investors pulling their funds from banks and investing in Bitcoin, contributing to its recent rally. While he retains a long-term positive outlook on Bitcoin’s potential for growth, Soloway predicts that it could reach as low as $9,000 in 2023.
It’s worth noting that the value of Bitcoin has historically moved in sync with the stock market during economic recession, and Mr. Soloway is highly credible, having correctly predicted the Bitcoin bottom in 2021, as well as decades of professional trading experience.
His current suggestion of an upcoming decline in the value of Bitcoin is worth consideration; however, he says that it will eventually recover and continue its growth trajectory. While the economic environment is currently uncertain, the fact that people are becoming more interested in and invested in crypto, along with other factors, suggests that an upcoming decline is more likely to be short-lived than anything else.
Dorothy Reyes
- 2023-03-31
Chief Market Strategist Predicts Bitcoin Short-term Drop
Gareth Soloway, the Chief Market Strategist of InTheMoneyStocks.com, predicts a short-term drop in Bitcoin value, despite its recent 70% rally. He believes that value could reach as low as $9,000 in 2023, but it will eventually recover and continue its growth trajectory.
