Market strategist Gareth Soloway has released his Bitcoin price forecast, stating that it could reach $15,000 in the event of a significant stock market sell-off.
Summary
Bitcoin price forecast: Soloway claims $15,000 in the event of a significant stock market sell-off
According to reports, Gareth Soloway, market strategist at verifiedinvesting.com, has stated that the price of Bitcoin could return to the level of $15,000.
Soloway’s prediction would be possible in the event of a significant sell-off in the stock market.
Soloway has responded to an interview, delving into the latest trends of bitcoin and its potential future trajectory. Among other things, the bullish nature of Bitcoin and significant events have been highlighted, respectively in 2017 with the introduction of regulated bitcoin futures and in 2021 with the initial public offering (IPO) of Coinbase.
Coming to the present moment, Soloway sees the bullishness of bitcoin along with the significant event of the approval of Bitcoin spot ETFs in the USA.
Specifically, the strategist described the outflows from the Grayscale Bitcoin Trust (GBTC). In this regard, Soloway stated that the substantial discount at which GBTC is traded is a sort of extra bonus for investors.
However, despite this, Soloway stated in his forecast a potential drop in the price of Bitcoin and a bearish sentiment.
Bearish Bitcoin price forecast and the descent to $15,000
The market strategist said that his major concern is a bearish view on BTC. This situation could occur if there is a spike in the S&P market or a reduction in risk in broader markets.
On this subject, here are Soloway’s words:
“I am concerned that Bitcoin may start to decline again. If there was a 50% drop in the stock market, I would expect Bitcoin to test the $15,000 level again.”
But Soloway is not the only one seeing a downward trend. Recently, the report by analysts at Deutsche Bank highlighted the bearish sentiment of the moment, stating that the Bitcoin price forecast could drop below $20,000 within a year.
The forecast from Deutsche Bank is the result of a survey on retail crypto market sentiment, involving 2000 people residing in the USA, UK, and Eurozone. So out of 2000 people, over a third of the surveyed sample believes that BTC will reach a price below $20,000.
Whales are accumulating BTC
Despite these bearish price predictions for Bitcoin, there are those who, instead, are choosing to implement the BTC accumulation strategy now, in anticipation of a brighter future for the crypto queen.
And indeed, the aforementioned “Bitcoin whales” are increasing their BTC by a whopping 76,000 units, since the beginning of the year, equivalent to about 3 billion dollars.
This accumulation is a sign of optimism about the price of Bitcoin, especially because the next April there will be the BTC halving. Historically, halving has triggered a bullish future for the price of Bitcoin.
