Gareth Soloway explains his theory on where Bitcoin is heading after breaking through its previous all-time highs. Soloway, the chief market strategist at InTheMoneyStocks.com, talks all things markets with Kitco. He begins the interview by warning investors, on Bitcoin stating:
“Ultimately, I still believe that when a deleveraging event occurs in the stock market, you will see a significant decline; the question is how low will that decline go?”
“I do want investors to be aware that if the stock market does start to come down, then likely it will start to take Bitcoin down, in the short term, even though long term, I think it will do very very well.”
Gareth Soloway Watching Double Top Closely
Gareth continues to focus on the $65,000 level for Bitcoin and will be cautious if it fails to break above that level on strength.
“Again, on a technical basis, it is still struggling the double top, so I’m watching to see.”
On the threat of a Double Tops, Gareth Warns:
“The last thing an investor wants to do is jump in right at the highs. Double tops historically whether they’re stock charts or crypto charts they can be significant highs before major moves to the downside.”
“Now, if it gets kind of above the recent highs and holds above $65,000 for a week or two, then ya, I think it’s going to a least $75,000-77,000, that’s my next calculated resistance level. And then, if it gets through that, you could see $100,000. I’m skeptical by year-end as a lot of people are saying, but the charts will tell us what the direction is.”
Shiba Inu Crowns Billionaires as Alt-Coins Go Mental
The host talks about the rise of alt-coins Shiba Inu – one of the latest fad alt-coins. He states,
“…this guy, 8,000 dollars he invested in Shiba Inu last year, and now he accounted at $5.7 billion. I think he took profits a little bit, but that’s still a crazy, crazy return, probably the best trade of all-time.”
“Because SHIB is issued as an Ethereum token, it’s compatible with the vast Ethereum ecosystem. Advantages include compatibility with Ethereum wallets like Coinbase Wallet or Metamask, availability on decentralized exchanges (or DEXs) like UniSwap, the potential for SHIB to be incorporated into ETH-based DeFi applications like lending and savings products and NFT marketplaces.”
Gareth believes that a shakeout in the stock market will lead to much lower crypto prices and a buying opportunity. He will be a massive buyer if Bitcoin drops to $20,000-$30,000.
Finally, Gareth Soloway concludes the interview with an analysis of the stock market and different outlooks for specific indices—the two talk about Rivian Automotive and its sensational IPO. The bubble in equities and the Fed.