Worst Case Scenario is $3500 – Gareth Soloway
Bitcoin price prediction: Things are not looking good, according to veteran trader Gareth Soloway. He said in a recent interview that we could be facing a worst-case scenario, something similar to the dot com bust era when Amazon dropped 95% in value.
If that’s what happens then, “when we look at a worst-case scenario, Bitcoin will reach $3,500.”
Bitcoin Price Prediction: When to Buy
Does this mean Soloway will buy at that price? “I know enough from my career to know that I don’t pick exact downs. So basically, in my teenage years, I’ll already start collecting all the way down. I pick up a little bit at $13,000, I pick up a little bit more at $10,000. I think eventually bitcoin will go to $100,000 or even $500,000. So I’m not going to try to pick a bottom and miss it . Instead, I’ll just use dollar cost averaging in this lower range to build that core position.”
Ethereum price prediction
On Ethereum, Soloway is bearish. “I think the key here is to just understand what type of market we’re in. When you’re in a bear market, it takes a lot to get prices going up because people are scared. So if you’re in a bull market, you can get the slightest bit of news and the price will rip up. It might even be news that isn’t relevant. But the problem is we’re in a bear market. And in a bear market, people need real value.”
Solway says investors need to know that something is immediately changing to regain confidence. The Merge did not live up to that hope. “That’s probably fantastic for Ethereum, but in the short term what everyone is focusing on is Federal Reserve interest rates, the US dollar and the economy. All of those things are just crushing risk assets right now.”
Fat Too Hawkish
Soloway says the Fed has continued to be too hawkish. “They’re so much more hawkish than I thought they would be. You know, I’ve kind of been in the conservative groove where I say to myself, OK, the Fed has to be careful here. If they tip us into a bad recession and inflation is still above the 2% mandate or below the 2% mandate, how do they get us out?
“The markets are going to look at the Fed and say, ‘Hey, do you mind printing some money and getting us out of this like you’ve been doing for the last 20 years?’ The Fed is going to say, ‘Can’t do that. We don’t have 2% or below inflation, we can’t print our way out. And I think that’s starting to have an impact here.”
Solway says it almost reminds him of an emotional reaction. “They know they messed up printing too much before. Now they’re trying to make up for another mistake, and two wrongs in this case don’t make a right. So the markets are going down.”
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