Gareth Soloway: Next Price Call for Bitcoin, Gold’s Path to Major Upside Move
Gareth Soloway of InTheMoneyStocks.com has been calling for bitcoin to fall below US$20,000 for quite some time, and the key cryptocurrency recently did just that.
Speaking to the Investing News Network, he outlined how he projected the price drop well before it happened, mentioning the double top he saw in the bitcoin chart, along with elements like wild market hype.
“You have the four year cycles in bitcoin, so that tells you an 80 to 85 percent correction — so at a bare minimum I was thinking U$20,000, which was the 2017 high,” Soloway explained.
Speaking about where bitcoin is headed next, he said it could sink further. “My guess is bitcoin has upside to about US$25,000, maybe US$28,000 to US$30,000, over the next two to four weeks, at which point I do think … we have one more leg down to go, which would take us into the US$12,000, US$13,000 range,” Soloway noted.
Although he’s bearish in the short term, Soloway emphasized that he has a positive outlook further into the future — he could see bitcoin hitting US$100,000, US$500,000 or even US$1 million in five to 10 years.
“I’m a huge bull on it, I just wasn’t going to pay up at US$65,000 when all my charts and all my probabilities were telling me it was going to go to US$20,000 or sub-US$20,000,” he said.
Soloway also spoke about gold’s major upside potential over the next six to 12 months, saying the yellow metal could reach US$2,400 to US$2,500 per ounce in a year’s time.
“Gold is an underinvested asset by a lot of fund managers, and as you see a market that isn’t getting the returns that it used to — and I’m talking the stock market as well as crypto — you’re going to see money looking for the safety of gold, which then will push the gold price up as well,” he commented.
Watch the interview above for more from Soloway on bitcoin, gold and the broader markets.
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Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.