Is a Bullish Turn on the Horizon for Bitcoin and Altcoins? Gareth Soloway’s Pre-Election Prediction

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Over the past week, the crypto market has experienced notable price swings due to heightened volatility. Major cryptocurrencies are struggling to maintain their value above key support levels. Bitcoin saw a 3.61% correction, while ETH and XRP faced even larger declines of 6.61% and 4.96%, respectively, signaling a prevailing bearish sentiment. Amidst this uncertainty, the question arises: will the industry see a bullish resurgence in the coming week amidst ongoing price fluctuations? 

Expert trader Gareth Soloway addressed Bitcoin price projections in an Altcoin Daily interview. Gareth predicted rises in traditional markets and Bitcoin until the presidential election owing to interest rate cuts. He detailed the worst-case scenarios and why BTC won’t sink to $12K again.

We are excited to know the next step in the BTC price movement, Are you?

Exploring the worst-case scenarios

This year, Soloway was surprised by Bitcoin’s performance because it is associated with the stock market as a risky asset. He expects that to change, but not soon. He suggests the worst-case scenario, Firstly, he said that if the stock market experiences a severe downturn, similar to the 2008–2009 Great Recession, it could lead to panic selling across financial markets, including cryptocurrencies like Bitcoin. 

In such a scenario, Bitcoin’s price might see a significant decline. Soloway also highlights the importance of key price levels, particularly focusing on $30,000 for Bitcoin. Breaking below this level could indicate a shift toward bearish sentiment, potentially leading to further price drops.

He also mentioned the second worst-case scenario for Bitcoin, suggesting that if it breaks below $56,000, it could experience a significant drop. Soloway analyzed Bitcoin’s recent price movements, noting a “sideways channel” formation after it reached $75,000.

He sees this pattern as bullish, suggesting Bitcoin is consolidating with potential for an upward breakout. Soloway highlighted $74,000 as a crucial level; if Bitcoin breaks above this, it could spark a significant rally, potentially pushing its price to $100,000 in the next six to twelve months.

Hence it is important to watch key technical levels, such as $69,000 and $56,000, to analyze Bitcoin’s near-term direction. 

Addressing the $12,000 potential

He also addressed the possibility of Bitcoin reaching $12,000 this cycle, indicating that while it’s unlikely, extreme market conditions could lead to such a scenario. He explains that since Bitcoin went past $30,000, even if something major happened in the economy, like a big stock market crash similar to 2008, Bitcoin dropping to $12,000 is still doubtful.

He sees $30,000 as a really important level in Bitcoin’s price, marking a shift from a down market to an up market. So, returning to $12,000 seems unlikely based on today’s conditions.