The President of InTheMoneyStocks – Gareth Soloway – thinks the cryptocurrency market has not hit its bottom yet, forecasting bitcoin could decline to $10,000. However, he remains bullish on the long term, admitting having bought BTC when it was hovering around $19,000 and vowing to HODL.
Possible BTC drop could be healthy
In August last year, Gareth Soloway was among the few pundits who saw a bearish scenario for bitcoin as the price of the asset was heading towards $50,000. At the time, the American said that based on the charts, BTC is expected to break above the $50,000 mark but will eventually decline to $18,000.
“I still remember I was the loneliest man in the room. No one really wanted to talk to me too much there. I kind of had to stand in the corner because I was the only one that was bearish. But again, price is always king. Charts are always truth versus emotion,” Soloway said.
Although his prediction was not the most popular, it came true last weekend when BTC crashed below $18,000. In a recent interview for Kitco News, Soloway predicted that the bulls would push the price of the cryptocurrency to $25,000-$30,000 over the next three to six weeks, which is a significant increase given recent events. unwanted.
Nonetheless, he expects bitcoin to head south after that, declining to $12,000 and even $10,000. Assuming his forecast becomes true, this would be BTC’s lowest valuation in nearly two years.
Investors who are in the industry for the long term, however, shouldn’t worry about such a downtrend. According to Soloway, this will strengthen the market and “eliminate all weak nonsense”. He further admitted to being a HODLer, entering the ecosystem when BTC hovered around $19,000:
“I remain a long-term bull on bitcoin. In fact, when we broke $20,000, at $19K, I announced I started my beginning HODL position, and so, ever since we were at $65K, and even though I was bearish, I was always saying: Listen, long-term there is a huge place in the economy, in the world, for bitcoin, and I think we’ll get there, and we’ll get to $100K, $500K, maybe $1 million.”
A contrary opinion
Contrary to Soloway’s short-term prediction, UK cryptographer Adam Back believes bitcoin has a chance to mine $100,000 by the end of 2022.
The latter expects the US SEC to approve Grayscale’s BTC ETF application in the following months, which will imminently boost the asset’s price.
Back also described himself as a “permabull,” saying he continues to buy and hold BTC for the long term. He revealed that he doesn’t use leverage, and so “the timing doesn’t matter”.
