Bitcoin’s Longevity Examined by Market Strategist Gareth Soloway; Anticipates Gold Surge
In a recent interview, Gareth Soloway, the head market strategist at inthemoneystocks.com, discussed the potential longevity of bitcoin’s upward trajectory. He also touched on the upcoming Federal Reserve meeting and the surge in 10-year treasury yields.
Federal Reserve and Treasury Yields
Soloway highlighted the Federal Reserve as the current focal point of the market and speculated on whether they will increase the federal funds rate. He noted that the 10-year treasury yields have surged past 5% for the first time in 16 years, which he believes is significant for market psychology. He also echoed Bill Gross’ prediction of a possible recession by the fourth quarter of this year.
Bitcoin’s Resilience and Potential Sell-Off
Soloway shifted his focus to bitcoin and speculated on the potential approval of a spot bitcoin exchange-traded fund (ETF). He cautioned that this approval could trigger a substantial sell-off in bitcoin. While acknowledging bitcoin’s impressive performance, he expressed concern about its resilience against a possible stock market plunge. He suggested that if there is panic in the stock market, it could instill fear among bitcoin holders.
Bitcoin’s Future and Gold Surge
Soloway pondered future narratives that could propel bitcoin’s price post-ETF approval. He compared bitcoin to gold and predicted that in tumultuous times for stock markets, there could be increased demand for bitcoin. He estimated that the next resistance level for bitcoin during this run-up might be around $47,000 per unit. Additionally, Soloway expressed optimism about gold’s potential to surge by the end of this year or in 2024.
Hot Take: Bitcoin’s Longevity and Gold’s Potential Surge
Gareth Soloway, the head market strategist at inthemoneystocks.com, discussed the potential longevity of bitcoin’s rally and the surge in 10-year treasury yields. He speculated on the Federal Reserve’s actions and expressed concern about a possible sell-off triggered by the approval of a spot bitcoin ETF. Despite bitcoin’s impressive performance, he questioned its resilience against a stock market plunge. However, Soloway predicted increased demand for bitcoin during tumultuous times and estimated its next resistance level to be around $47,000. He also expressed optimism about gold’s potential surge by the end of this year or in 2024.
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