World Famous Analyst: You Will See Bitcoin and ETH On These Bases!

Stocks, Bitcoin and altcoin prices, and gold fell last Friday as the US dollar climbed amid growing calm horrors. But assets, at least cryptocurrencies, seem to have gained some momentum at the time of writing. All right, what’s next? Here are the comments from the Chief Market Strategist of InTheMoneyStocks…

“The pain is not over now” in risky assets like Bitcoin and altcoins

Gareth Soloway, Chief Market Strategist of and Co-Founder and Leader of Verified Investing Education, said the pain for risk assets is not over now. In Ethereum, Soloway stated that the merge that took place on September 15 was not enough to raise prices as many crypto investors expected. The strategist used the following words:

The key here is to understand the type of market we are in and when in a bear market it takes a long time for prices to rise because people are afraid. If you are in a bull market, the price will explode at the slightest news. There may even be news unrelated to this bet. But the problem is that in a bear market people are really needy, they need to know that things are changing quickly. Merge doesn’t do that. Yes, it’s probably perfect for Ethereum in the long run, but in the near term everyone is focusing on the US dollar, the Fed, interest rates. All of this is currently only crushing risk assets.

Soloway shares his downside intent on Bitcoin and ETH

Soloway said that cryptocurrencies, especially larger cryptos such as Bitcoin and Ethereum, will continue to see the process with exchanges. It maintains its downside aim of $600 for Ethereum. In Bitcoin, Soloway’s downside goal is in the middle of $12,000 to $13,000. As we have also reported, Bitcoin last saw these levels in July 2020. Soloway uses the following words:

If the dollar continues to strengthen and the Fed seems to want to make sure it strengthens, then you will break this $18,000 to $19,000 level and your next stop will be this $12,000 to $13,000 level. This is my best scenario. At its worst, you have to look back at the times when Amazon fell 95 percent during this crash. If crypto is going through such a process, you may encounter the worst case scenario of $ 3,500.

In what direction is the stock market and gold forecast?

Soloway said US stock indices are headed to their pre-pandemic highs. He states that the markets have started to decline and that he has encountered a lot of sales in the short term. Therefore, it points to the possibility of a bounce next week. Soloway’s comments came as Goldman Sachs cut its year-end claim for the S&P 500 to 3,600 points on Friday. That is, the bank cut its estimate roughly 16% below current levels.

On the subject of gold, Soloway said Friday’s drop could be attributed to a panic selling event in all bringing-all asset classes. Soloway thinks gold will continue to be the best performing asset this year compared to stocks and cryptocurrencies. He noted that the gold price is likely to climb from current levels until the end of the year.

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