• 30 May, 2024
Market News

BTC’s Fate Hangs on Pivotal Price Points, Says Gareth Soloway

Gareth Soloway, a market analyst, has recently shared his latest insights and predictions regarding Bitcoin’s price trajectory with Altcoin Daily. His analysis outlines critical price levels that could determine whether Bitcoin will embark on a new bull run or face further declines.

Soloway emphasized that Bitcoin’s current price action is pivotal. According to him, if Bitcoin’s price breaks above $69,900, it could surpass its all-time high within two to four weeks. This breakout could trigger a surge in buying activity, potentially leading to a new bull run. On the other hand, if Bitcoin’s price falls below $56,000, it could continue to drop to $52,000 or even $49,000. He identifies $30,000 as a crucial support level, noting that it has not been breached since the 2019 bear market.

At the start of his discussion, Soloway shared his broader market outlook. He anticipates that traditional markets will rally until the upcoming presidential election. However, he warns of a potential pivot point if the Federal Reserve’s actions are perceived as ineffective. In his worst-case scenario, a sharp decline in the stock market could cause Bitcoin to drop to around $50,000 or lower.

Reflecting on his previous predictions, Soloway recalls his forecast of Bitcoin reaching $73,000, which initially faced skepticism but eventually proved accurate. He attributed recent market pullbacks to the market’s elasticity, explaining that an overwhelming bullish sentiment can lead to natural corrections. Soloway also points out that while spot ETFs are generally positive for Bitcoin, they can also result in selling into rallies. 

With his analysis of chart indicators, Soloway believed that a pullback was imminent. Despite these corrections, Soloway views the current consolidation phase as net bullish, asserting that Bitcoin will likely surpass its all-time highs again. He even suggested that Bitcoin could potentially reach $100,000 if the stock market does not experience a significant correction.

At press time, Bitcoin traded at $61,492, with a 24-hour trading volume of $17,877,128,027. This marks a slight decline of -0.32% over the last 24 hours and a more substantial drop of -5.19% over the past seven days. Bitcoin’s market capitalization stands at $1,198,003,387,143, with a circulating supply of 20 million BTC. Comparatively, Bitcoin has underperformed the global cryptocurrency market, which has seen a -5.10% decline over the past week.

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