Altcoins
Is a bullish trend on the horizon for Bitcoin and Altcoins? Gareth Soloway’s pre-election prediction
Over the past week, the crypto market has seen notable price fluctuations due to increased volatility. Major cryptocurrencies are struggling to maintain their value above key support levels. Bitcoin saw a 3.61% correction, while ETH and XRP faced even bigger declines of 6.61% and 4.96%, respectively, signaling prevailing bearish sentiment. Amid this uncertainty, the question arises: will the sector see a bullish resurgence in the coming week, amid continued price fluctuations?
Expert trader Gareth Soloway spoke Bitcoin Price projections in an Altcoin Daily interview. Gareth predicted a rise in traditional markets and Bitcoin leading up to the presidential election due to interest rate cuts. He detailed the worst-case scenarios and why BTC will not fall back to $12,000.
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Explore worst-case scenarios
This year, Soloway was surprised by the performance of Bitcoin because it is associated with the stock market as a risky asset. He hopes that will change, but not soon. It suggests the worst case scenario. First, he said that if the stock market experiences a severe downturn, 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 see a significant decline. Soloway also highlights the importance of key price levels, particularly focusing on $30,000 for Bitcoin. A move 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 drops below $56,000 it could see a significant decline. Soloway analyzed Bitcoin’s recent price movements, noting the formation of a “sideways channel” after hitting $75,000.
He views this trend as bullish, suggesting that Bitcoin is consolidating with potential for an upside breakout. Soloway pointed out that $74,000 was a crucial level; If Bitcoin exceeds this figure, it could trigger a significant rally, potentially pushing its price to $100,000 over the next six to twelve months.
It is therefore important to monitor key technical levels, such as $69,000 and $56,000, to analyze the near-term direction of Bitcoin.
Addressing the Potential of $12,000
He also raised the possibility of Bitcoin reaching $12,000 this cycle, indicating that while this is unlikely, extreme market conditions could lead to such a scenario. He explains that since Bitcoin surpassed $30,000, even if something big happened in the economy, like a stock market crash similar to 2008, a Bitcoin drop to $12,000 is still doubtful.
He considers $30,000 to be a very important level in the price of Bitcoin, marking the transition from a bear market to a bull market. Thus, a return to $12,000 seems unlikely given current conditions.
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