Prediction: Market Analyst Gareth Soloway Anticipates $15K Bitcoin Amidst Potential Stock Market Downturn

Soloway Predicts Potential Bitcoin Dip to $15K

In a recent interview with Gareth Soloway, the chief market strategist at verifiedinvesting.com, Soloway suggested that bitcoin might revisit the $15K level should a significant stock market sell-off occur.

Bitcoin’s Historical Trends and Future Trajectory

Soloway shared insights on his approach to analyzing various data sets for forecasting future trends and drawing conclusions. He highlighted the alignment of the 2017 and 2021 bitcoin bull markets with significant events: the introduction of regulated bitcoin futures in 2017 and the Coinbase initial public offering (IPO) in 2021.

GBTC Outflows and Bitcoin’s Recent Downturn

Soloway discussed the recent downturn in bitcoin’s price, attributing it to outflows from GBTC and the substantial discount at which GBTC was trading. He expressed concern about a potential bearish view on BTC if there is a peak in the S&P market or a de-risking occurrence in the broader markets. Soloway mentioned the possibility of bitcoin retesting the $15,000 level if there is a 50% drop in the stock market.

Deutsche Bank Survey and Arthur Hayes’ Predictions

Soloway’s remarks coincided with a Deutsche Bank survey that revealed a third of respondents anticipated BTC’s value falling below $20K. Additionally, Arthur Hayes, the ex-boss of Bitmex, predicts BTC could hit lows of $30K to $35K. Soloway is closely monitoring these developments.

Long-Term Optimism for Bitcoin

Despite the bleak projections, Soloway remains optimistic about bitcoin in the long term. He expressed his intention to increase his BTC holdings if prices continue to decline. It remains to be seen if his predictions regarding an equities sell-off and BTC potentially reaching the $15K mark this year will materialize.