One of them is Gareth Soloway, the chief market strategist at InTheMoneyStocks.com, who believes that Bitcoin might drop further to a low of $12,000, as he told Stansberry Research’s Daniela Cambone in an interview aired on September 20.
Moving downward or not?
During the interview, Soloway expressed his view that Bitcoin might drop further than its current price: In his opinion, the Bitcoin heading lower has a lot to do with the dollar because “when you see the dollar continuing to stay 20+ year highs, and it continues to grind up, it just kills all risk assets. (…) Every uptick in the dollar, you’ll see the opposite occurring in the Bitcoin chart.” That said, he also noted: Back in January 2022, Soloway projected that the cryptocurrency sector might experience ‘a dot-com moment’ soon, but also predicted that Bitcoin could trade at around $100,000 or $250,000 in the next five years.
Regulation as a good thing
Soloway is also a proponent of crypto regulation, believing that it would be a positive thing for Bitcoin and cryptocurrencies in general, as institutions would feel more confident investing their clients’ money in them:
Bitcoin price analysis
Meanwhile, prominent crypto trading expert Rekt Capital said that Bitcoin could bottom in the fourth quarter of 2022 due to its behavior historically 517 – 547 days prior to all halving events, adding that Bitcoin could form a bottom within the area between $16,985 and $23,467. At press time, Bitcoin is trading at $19,338, up 4.72% on the day but still down 12.99% across the previous week. The market capitalization of the largest cryptocurrency by this indicator currently stands at $370.25 billion, according to the data retrieved from CoinMarketCap. Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
