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Is a bullish trend on the horizon for Bitcoin and Altcoins? Gareth Soloway’s pre-election prediction
The cryptocurrency market has been on a wild ride lately, with prices fluctuating drastically and major cryptocurrencies struggling to maintain their position. Bitcoin suffered a decline of 3.61%, while ETH and XRP suffered steeper declines of 6.61% and 4.96%, painting a grim picture.
Now, the big question everyone is asking is whether a bullish return awaits us soon.
Gareth Soloway, an experienced trader, recently shared his thoughts in an interview with Altcoin Daily. He predicted that both traditional markets and Bitcoin would see gains ahead of the presidential election, thanks to expected interest rate cuts. Concerns about Bitcoin falling to $12,000, he said, are unfounded given current market dynamics.
We are excited to know the next step in BTC price movement. Six?
Understanding Bitcoin’s Journey: Soloway’s Analysis
Soloway admitted he was surprised by Bitcoin’s resilience this year, considering its risky reputation. But he cautioned against premature optimism about a change in this perception. He explored worst-case scenarios, painting a vivid picture of what could happen in a major stock market crash similar to the Great Recession of 2008-2009. If this were to happen, panic selling could cause Bitcoin prices to plummet.
He highlighted the importance of key price levels, especially the $30,000 mark for Bitcoin. Falling below this level could signal a shift towards bearish sentiment and trigger further declines. Soloway also warned of problems if Bitcoin fell below $56,000.
What does Bitcoin tell us? Models and forecasts
Soloway has carefully observed Bitcoin’s recent price movements and spotted a promising trend of a “sideways channel” forming after reaching $75,000. Rather than seeing this as a bad sign, she viewed it positively, suggesting it could lead to a surge higher.
If Bitcoin manages to break above $74,000, he predicted a significant rally, which could reach $100,000 in the next six to twelve months.
Monitoring of key indicators
Soloway emphasized keeping an eye on critical technical levels such as $69,000 and $56,000 to understand Bitcoin’s near-term direction. As for fears that Bitcoin could return to $12,000, she acknowledged the possibility but deemed it unlikely given the current economic landscape and Bitcoin’s resilience past the $30,000 mark.
Also check: ChatGPT Predicts Bitcoin Price: When Will BTC Price Start Bull Run?
Stay tuned! We will continue to monitor Bitcoin price movements and keep you updated on the latest expert analysis.