Skip to content

Bitcoin will rally again but might correct to $18k, market strategist suggests

Bitcoin will rally again but might correct to $18k, market strategist suggests

Gareth Soloway, the chief market strategist at ​​stock technical guidance platform InTheMoneyStocks.com has stated that Bitcoin could experience a further pullback after the asset’s price plunged by almost 10% on Monday.

Speaking to Kitco News, Soloway suggested that if the asset breaks the $40,000 level, it will open the door for further correction to as low as $18,000. However, he maintains that Bitcoin will bounce back if such a level is attained.

He noted that the asset could only embark on an upward momentum if it tops $65,000, a new record price level. 

“We’re seeing a follow-through today. We haven’t really taken out the low-pivot from that down day; that’s the technical level I’m watching right now. If that gets taken out, then you’re likely going down to the $40,000 to $41,000 level right here, and then all the way down to $30,000. You guys know my longer-term projections…eventually, you’re going to get to the $18,000 to $20,000 marker on Bitcoin,” he said.

The correction comes after Bitcoin traded above $50,000 early this month, a level regarded as key psychological resistance for investors. However, on Monday, the cryptocurrency market led by Bitcoin plunged with most assets trading in the red zone. By press time, Bitcoin was trading at $43,270, dropping almost 4% in the last 24 hours.

The future of Bitcoin

According to the strategist, Bitcoin remains the future, but the asset and the general cryptocurrency market need to handle the issue of liquidity.

At the same time, Soloway noted that the correction should not come as a surprise. In his previous interviews, he had predicted that there was going to be a general de-leveraging crisis that would trigger the fall not only in stocks but also in crypto.

On the next course of Bitcoin, Soloway said that the asset would embark on a near-term to midterm bearish momentum and extremely bullish in the long-term. 

The Monday crypto market decline emerged as concerns on the regulation of stablecoins accelerated. This is after the Financial Stability Oversight Council noted that it could classify stablecoins as systemically risky. 

[coinbase]

Best Crypto Exchange for Intermediate Traders and Investors

  • Invest in 70+ cryptocurrencies and 3,000+ other assets including stocks and precious metals.

  • 0% commission on stocks - buy in bulk or just a fraction from as little as $10. Other fees apply. For more information, visit etoro.com/trading/fees.

  • Copy top-performing traders in real time, automatically.

  • eToro USA is registered with FINRA for securities trading.

30+ million Users
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk. eToro USA LLC does not offer CFDs, only real Crypto assets available. Don’t invest unless you’re prepared to lose all the money you invest.

Read Next:

Weekly Finance Digest

By subscribing you agree with Finbold T&C’s & Privacy Policy

Related posts

Disclaimer: The information on this website is for general informational and educational purposes only and does not constitute financial, legal, tax, or investment advice. This site does not make any financial promotions, and all content is strictly informational. By using this site, you agree to our full disclaimer and terms of use. For more information, please read our complete Global Disclaimer.