Bitcoin (BTC) Price Prediction: Gareth Soloway Sees a Possible Rise to $100,000 in the Next Year or Two
- PHPzOriginal
- 2024-08-30 00:24:19429browse
Gareth Soloway, Chief Market Strategist of Verified Investing.com, recently shared his thoughts on where Bitcoin's price might be headed
Gareth Soloway, Chief Market Strategist at Verified Investing.com, shared his analysis of Bitcoin's price movements and what to expect in the coming months, especially as the Federal Reserve prepares for significant actions in September.
In an interview with David Lin, the analyst observed that Bitcoin's price could rise as long as it remains within its current price channel, which is a range it has been trading within. For the short term, Soloway anticipates Bitcoin's value climbing to around $69,000. If it manages to break past this point, it could even shoot up to $74,000, or possibly higher, reaching $100,000 in the next year or two.
One interesting aspect that Soloway highlights is that Bitcoin is starting to behave more like gold, suggesting that it may not be as closely tied to the ups and downs of the stock market as it once was.
However, Soloway also cautions that there are risks to watch out for. If Bitcoin drops below a critical support level of $52,000, it could signal the beginning of a significant downtrend, potentially bringing the price down to $38,000-$39,000. He points to a recent rapid decline in Bitcoin's price, dropping from $70,000 to $49,000 in just two weeks.
Despite Bitcoin's recent slump, Soloway observes signs that it could bounce back. There are still plenty of buyers willing to step in at current prices, which bodes well for the coin. If the selling pressure eases, these buyers could push Bitcoin higher, leading to the next big rally.
September has historically been a challenging month for Bitcoin and the stock market, but Soloway advises against placing too much emphasis on past trends. Instead, he suggests focusing on what the charts are showing right now. If Bitcoin can hold above its key support levels, it might avoid the typical September slump.
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