The president of InTheMoneyStocks – Gareth Soloway – believes that the cryptocurrency market is not yet bottoming out, predicting that bitcoin could drop to $10,000. However, he remains bullish for a long time, admitting that he bought BTC when it was hovering around $19,000 and swearing HODL.
BTC’s Potential Downfall Could Be Healthy
In August last year, Gareth Soloway was among the few experts who envisioned a bearish scenario for bitcoin as the asset price headed towards $50,000. At the time, American said that BTC should cross the $50K milestone, based on the chart, but will eventually drop to $18,000.
“I still remember that I was the lone man in the room. No one wanted to talk to me there. I kind of had to stand in the corner because I was the only one who was having a meltdown. But then again, price is always king. Charts are always truth versus sentiment,” Soloway said.
Although his prediction was not the most popular, it came true last weekend when BTC fell below $18K. In a recent interview with Kitco News, Soloway predicted that bulls would push the price of the cryptocurrency to $25,000-$30,000 in the next three to six weeks, which is a significant increase considering the recent adverse events.
Still, he expects bitcoin to head south after that, dropping to $12,000 and even $10,000. Assuming his prediction turns out to be true, this would be BTC’s lowest valuation in almost two years.
However, investors who have been in the industry for a long time should not be worried about such a fall. According to Soloway, this will strengthen the market and “take away all the weak bullshit.” He further admitted to being a HODLer who entered the ecosystem when BTC was hovering around $19K:
“I continue to be a long term bull market on bitcoin. In fact, when we broke $20,000, at $19K, I announced that I had started my HODL position, and so, since we were at $65K And even though I was bearish, I was always saying: Listen, long term there’s a huge space for bitcoin in the economy, in the world, and I think we’ll get there, and we’ll get $100K, $500K. , maybe $1 million.”
a contrary opinion
Contrary to Soloway’s prediction for the short term, British cryptographer Adam Back believes bitcoin has a chance of reaching $100,000 by the end of 2022.
The latter expects the US SEC to approve Grayscale’s BTC ETF application in the coming months, leading to a rally in the asset’s price.
Back also described himself as a “Permabull”, adding that he continues to buy and hold BTC for a long time. He revealed that he does not use leverage, and thus “timing doesn’t matter.”
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