Strategist Who Predicted the Crypto Crash Says BTC Could Plunge Below $10K
The President of InTheMoneyStocks – Gareth Soloway – thinks the cryptocurrency market has not hit its bottom yet, forecasting bitcoin could decline to $10,000. However, he remains bullish on the long term, admitting having bought BTC when it was hovering around $19,000 and vowing to HODL.
BTC’s Possible Drop Could be Healthy
In August last year, Gareth Soloway was among the few experts who envisioned a bearish scenario for bitcoin since the asset’s price was heading towards $50,000. Back then, the American said that based on the charts, BTC should surpass the $50K milestone but eventually will decrease to $18,000.
“I still remember I was the loneliest man in the room. No one really wanted to talk to me too much there. I kind of had to stand in the corner because I was the only one that was bearish. But again, price is always king. Charts are always truth versus emotion,” Soloway said.
Although his forecast was not the most popular one, it came true last weekend when BTC crashed below $18K. In a recent interview for Kitco News, Soloway predicted that the bulls will push the cryptocurrency’s price to $25,000-$30,000 in the next three to six weeks, which is a significant increase considering the recent adverse events.
Nonetheless, he expects bitcoin to head south after that, declining to $12,000 and even $10,000. Assuming his forecast becomes true, this would be BTC’s lowest valuation in nearly two years.
Investors who are in the industry for the long run, though, should not be concerned about such a downtrend. According to Soloway, this will strengthen the market and “flush out all the weak nonsense.” He further admitted being a HODLer, entering the ecosystem when BTC was hovering around $19K:
“I remain a long-term bull on bitcoin. In fact, when we broke $20,000, at $19K, I announced I started my beginning HODL position, and so, ever since we were at $65K, and even though I was bearish, I was always saying: Listen, long-term there is a huge place in the economy, in the world, for bitcoin, and I think we’ll get there, and we’ll get to $100K, $500K, maybe $1 million.”
An Opposite Opinion
Contrary to Soloway’s prediction for the short term, the British cryptographer Adam Back believes bitcoin has a chance to tap $100,000 by the end of 2022.
The latter expects the US SEC to approve Grayscale’s BTC ETF application in the following months, which will imminently boost the asset’s price.
Back also described himself as a “permabull,” asserting he keeps buying and holding BTC for the long run. He revealed he does not use leverage, and thus “timing matters not.”