Speaking during an interview with Kitco News, Soloway affirmed that the next likely downside price target for Bitcoin will be $12,000, but there is a possibility of correcting further to $10,000 based on historical trends. According to the strategist, Bitcoin’s previous trajectory towards the all-time value can also be reflected on the downside. He noted that the current environment of high inflation and interest rate hikes makes the cryptocurrency’s downside projection challenging.
Bitcoin’s new bottom
Soloway noted that if Bitcoin maintains its price above $20,000, the level will attract more bulls which will push it towards another all-time high. According to the strategist, sustaining the price above $20,000 will likely offer a general market sentiment of Bitcoin’s new bottom. However, he dismissed the notion that Bitcoin might go back to zero stressing that the long-term prospects are in favour of the token, noting that the next six months will be challenging. On the possibility of hitting $65,000, Soloway projected that it might take Bitcoin at least two years after months of sideways trading. He stated that if inflation cools down, the Federal Reserve will likely print more money in return, favouring Bitcoin.
The road towards $100,000
The strategist maintained that Bitcoin would shoot past $100,000, but the market needs to flush out assets with no utility. However, he cautioned that Bitcoin should be treated as a new asset that is still maturing; hence investors should expect erratic price movement. Notably, after trading below $20,000, Bitcoin has made minor gains of above 4%, trading at $21,400 by press time. Watch the full interview below: Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
