Bitcoin Falls to $13K Ahead of Rally as ‘Financial Crisis 2.0’ Unfolds – Gareth Soloway
 |
Get all the important market news and expert opinions in one place with our daily newsletter. Receive a comprehensive summary of today’s top stories straight to your inbox. Sign up here! |
(Kitco News) – Bitcoin, which is up about 65 percent so far this year and is currently trading near $27,000, will fall to $13,000 before another rally, said Gareth Soloway, market strategist at InTheMoneyStocks.com and president of VerifiedInvestingEducation.com.
Soloway’s comments come after UBS’s takeover of beleaguered Credit Suisse, once the second-biggest bank in Switzerland, an event that follows recent bank failures in the US, including Silvergate, Silicon Valley Bank and Signature.
“This is a basic financial crisis 2.0,” Soloway told Michelle Makori, Lead Anchor and Editor-in-Chief of Kitco News. “We don’t know how bad this is going to get … this is potentially like a Lehman moment.”
Soloway, who has two decades of experience as a professional trader and correctly called the Bitcoin bottom in 2021, said the ongoing banking crisis had caused investors to pull their money out of banks and buy Bitcoin, thus explaining the coin’s recent rally.
However, he told Michelle Makori, Lead Anchor and Editor-in-Chief of Kitco News, that as the financial system becomes “quieter,” Bitcoin would fall to $13,000, and even as low as $9,000 in 2023.
“If you look at Bitcoin historically, it’s gone down when the stock market has gone down,” he observed. “If the S&P dumps as much as I think Bitcoin will get caught up in that selloff.”
In the long term, however, he said he is a Bitcoin “bull.”.
To find out Soloway’s views on gold, silver, stocks and Bitcoin, watch the video above.
Follow Michelle Makori on Twitter: @MichelleMakori
Follow Kitco News on Twitter: @KitcoNewsNOW
Disclaimer: The views expressed in this article are those of the author and may not reflect the views of Kitco Metals Inc. The author has made every effort to ensure the accuracy of the information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is for informational purposes only. It is not an invitation to exchange goods, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept responsibility for any loss and/or damage arising from the use of this publication.
