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The Same Thing Happened When bitcoin was $68k | Gareth Soloway
Gareth Soloway, Chief Market Strategist, and CFO of InTheMoneyStocks.com, sat down with Stansberry Research to discuss what he saw coming with the bitcoin price. As bitcoin currently trades above $47,000 and is up 35% since the Ukraine-Russia conflict began, there is a euphoria in the near-term price action in cryptocurrency but Gareth Soloway has a different view on it. Soloway doesn’t buy into the rally and believes those entering the market now will likely be buying into a bull trap, as he believes bitcoin will drop to $20k before rallying again. Gareth’s short-term call is not because he is overall bearish on bitcoin. Gareth maintains that he is a trader at heart, but long-term believes there overall price action for bitcoin of bullish. However, in this instance, Gareth is shorting bitcoin. Back in 2021, Soloway had previously accurately called the top of $52,000, which was then the neckline of a head and shoulders pattern. Soloway also called for a retrace back to the $30k range, which was a stark contrast to the other pundits who were overly bullish, calling for $100k and even $200k bitcoin by Q1 of 2022. Soloway believes that the current push in crypto is just a reflection of its correlation to the NASDAQ, but eventually, it will retrace.
THIS INTERVIEW WAS POSTED ON MARCH 28, 2022
Listen to the full unedited interview here ⬇ [Credits] 🙏
bitcoin Still Heading to $20,000, So Don’t Get Excited About the Rally Warns Expert
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