Bitcoin can fall to $9K? Gareth's Soloway Warns Investors

Question

Will Bitcoin crash to $10K?

Could Bitcoin go down to $10,000?

Will Bitcoin ever drop below $1000?

How low can Bitcoin go in 2023?

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Answer 1

I have a downside Target for this year 3300 on the S P so that is pretty substantial considering we're almost getting towards the halfway point of the year and I do think we get low 3000 in 2024. so so I'm looking for significant downside in fact at this point in time I'm actually almost at my most bearish point of this Market cycle Gareth soloway is a venerable Market Maven whose Proficiency in technical analysis has garnered him tremendous Acclaim amongst his peers and clients alike in here  Gareth Solway discusses about the current situation of U.S economy and the latest GDP figures Solway also shows his concern about the next steps taken by fed upcoming recession the banking system and why he expects the S P 500 to crash 25 in 2024. Garrett soloway is predicted an atrocious market downturn for stocks and Beyond in the near future after the United States Federal Reserve announced a slight and transitory recession which he described as Schumer coding while usddp increased less than expected in the first three months of 2023. U.S stocks Edge higher on Thursday as corporate earnings for Mega cap Tech remain upbeat while U.S GDP growth came in below forecasts on economic front gross domestic product increased less than expected in the first three months of 2023 adding to concerns that a recession may be around the corner before proceeding further in this video make sure to hit the Subscribe button below for more recent updates the solid upside too in the S P 500 the NASDAQ 100s having a monster move part of that's on the back of the meta earnings obviously we had the um the earnings yesterday from Microsoft as well so very good earnings news as you had mentioned but I think the lower GDP numbers are keeping the market and investors focused on the very near-term benefit of the FED potentially not hiking or not hiking as much and I caution the market I caution investors when I see this because ultimately what we're no what we know is that when GP starts to slow down we might actually turn negative and it could dictate that recession is a looming indicator that we're likely headed towards recession in the second half so so I think the market itself is rejoicing saying okay a weaker GDP number means hey the FED may not have to hike as much or maybe can be a little bit looser on their monetary policy but I do caution that ultimately if we spin into a recession the FED is not going to be able to lower interest rates much because inflation is still elevated so I'm still in the camp that we're in for a very sharp decline in kits and the reason I say that is is twofold number one is that it's it's almost going to be impossible for the FED to loosen rates to the amount that will be needed to get massive amounts of money to flow back into the equity markets and push us to new all-time highs so again if we think about it like this right how much did Powell raise interest rates from the start of this hiking session or season and and ultimately how much is the market up or down in that period and yeah we've kind of stabilized we've inched up a little off those lows but the NASDAQ and the s p are still well off their all-time highs so the question is how does he come to the rescue of a market when inflation remains north of three percent four percent five percent and even again I still think inflation is going to continue to come down I just don't see it getting back to two percent where he can marketably drop those interest rates back to the levels they were at pre-pre-hiking process about this if they call for a mild recession and it turns out to be a very bad recession and we have three percent inflation I would absolutely agree that at that point the FED will have to come out and Hike rate our lower rates substantially the question is at that point what is the discount in the stock market I mean if we see a deep recession what are the earnings looking like for companies like apple what about you know Microsoft that just reported that was very good but if we do get in that deep recession where are those earnings where's that multiple for the SP 500 Bitcoin recently experienced a temporary drop but it has since made impressive comeback however some Financial analysts remain uncertain about the future of the cryptocurrency market and the leading decentralized Finance asset they anticipate further declines before these assets can fully recover Additionally the trading expert warned that the presence of a large number of digital assets that have no use case might be contributing to the prolongation of the crypto winter he believes has almost been too easy whether solway's predictions come true and Bitcoin actually drops to twelve thousand dollars or even nine thousand dollars will depend not just on historical chart patterns but also on the general crypto market and macro economic sentiment as well as the developments directly related to the made in cryptocurrency itself so so for me I'm not convinced yet that the winter is over yet I think it's almost been too easy of a winter in in respect uh you know yes lines but we still have a massive amount of crypto coins out there that have no use case no real reason to be in existence and they're still in existence and they're still getting pumped on a daily basis. right in fact recently I mean Pepe and all these other ones it's just flooding the market and going up ridiculous amounts.

all these other ones it's just flooding the market and going up ridiculous amounts so I'm a little concerned about that to me the 30 500 level continues to be the level on the charts that I'm keeping an eye on so if we just take a look at the gear right yeah and we just kind of see we can see that the Bitcoin chart ran up to that thirty thousand five hundred it collapsed back on it below it we've now come back up a little bit because of the fear in the banking markets and so forth but for me this level is the key level is 2500 level can we get through that if we do get through that then I actually think the low is likely in on bitcoin at fifteen thousand seven hundred but again I would just caution people at this point you look at what Bitcoin has gone up and you look at the 2 2018 and 19 bear Market it had bigger rallies in percentage terms during that bear market and and people again seem to get that so don't be fooled I've been through many bear markets and commodities in the stock market in crypto in my trading career and sometimes it it turns out to be the lipsticks on the pig here and it could still roll over a head lower so I still think there's a chance for 12 to 13 000 maybe even nine thousand but again that thirty thousand five hundred level is the level I'm watching fear for Bitcoin is not that you know it's going to get outlawed that's not really an issue for me anymore um it's more that if we do see the declines in the equity markets that I expect if we're looking at twenty Thirty forty percent downside potentially over the next 12 18 months in the stock market how does Bitcoin which still is being traded as a risk asset 80 percent of the time how does that hold up against that if you see panic and we saw this yesterday we saw the stock market sitting back down after a gap up on those Microsoft earnings and Bitcoin was a bigger in the day and then gave it all back by the end of the day so so that's my fear is that if you're going to tell me that the s p is down 30 in the next 12 months how is Bitcoin not down on that .

 First Republic Bank which lost 95 percent of its stock price since the start of this year while it seems like U.S officials are in talks to rescue First Republic with their Federal Deposit Insurance Corp FDIC Treasury Department and Federal Reserve reported routers sources told cnbc's David Faber that the most likely outcome of the troubled bank is for the Federal Deposit Insurance Corporation to take it into receivership the stock slid 43 percent and was halted for volatility multiple times I'm not sure if it'll collapse I think it has a lot of big name backers we saw JP Morgan and a lot of other big Banks throw 30 billion into it to me the issue with First Republic was they now announced earnings and they announced that they they 40 percent of deposits had exited the bank in the last quarter which is a horrendous number but honestly a lot of us expected a bad number we know how much it dropped going into rearranging.