Bitcoin at $13K and Tesla at $150 as markets bottom out, recovering in 2024 – Anmol Singh
https://www.youtube.com/watch?v=/RlVksHeClZM
Bitcoin price has fallen more than 60 percent over the year, and other assets have also suffered from recent bearish trends. The Tesla share, for example, is down 52 percent so far this year.
Anmol Singh, founder of Live Traders, said he sees several downsides for Bitcoin and Tesla.
“I think [Tesla] the stock is going to be worth $140 or $150,” he said. “$13,000 I think is where [Bitcoin] is finally on its way.”
Singh, who uses technical analysis to support his trades, said that if Bitcoin were to reach $13K, he would “buy some.”
“I’m not sure people feel the pain yet,” he said. “Usually markets don’t bottom until people feel the pain.” Singh spoke with David Lin, anchor and producer at Kitco News.
ARKK ETF
Cathie Wood’s ARKK ETF, which tracks technology companies, is down 64 percent for the year. However, Singh said he sees a turnaround.
“[ARKK’s] is one of those charts that has come … back down into a support area,” he argued. “It’s never going to get back to all-time highs. However, I can get a nice bounce from $35 back into the $80s.”
ARKK is currently trading between $34 and $35, significantly lower than its all-time high near $158 in 2021. Singh added that the ARKK ETF will not experience a “comeback” for two to three years.
“It’s going to be a long-term comeback [for ARKK],” he said. “[Cathie Wood] bet on a few of the companies that will become unicorns, while the rest of them will probably break even.”
Stock markets
NASDAQ is down 32 percent during the year. Singh said it is a good time to start “nibbling” and investing in stocks.
“Historically, if you take a look, [when] the markets were down 40 percent… that’s about the mark where you start to bottom out,” he said. “So I think that’s a good position to start nibbling in.”
However, he cautioned that it is difficult to perfectly time a trade.
“I’ve been pretty good at picking tops, but picking bottoms is not my forte,” Singh said. “You’re never going to time the bottom perfectly, but I think it’s a good time to start using some capital.”
To find out what Singh is investing in, watch the video above.
Follow David Lin on Twitter: @davidlin_TV
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