Bitcoin Price Could Drop As Low As $9,000, Says Expert Who Correctly Predicted The Best Of BTC ⋆ ZyCrypto

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Bitcoin continued to trend towards a trending range on Saturday, unnerving investors who have faced lackluster price volatility over the past 14 months. At press time, the major cryptocurrency was trading at $16,966 after rising 1.11% in the past 24 hours, according to data from CoinMarketCap. Its biggest rival, Ethereum, also traded slowly at $1263, a level it has been playing at for two days.

BTCUSD Chart by TradingView

Unlike last year, when a clique of wealthy investors like Tim Draper and Ark Invest CEO Cathie Woods made extremely bullish calls for Bitcoin, it has become increasingly difficult for investors to predict. where crypto prices could go as 2023 unfolds. However, some skeptics are confident that Bitcoin will dip lower before the curve can flatten in the coming days.

For example, Gareth Soloway, the chief market strategist of InTheMoneyStocks, thinks there is more room for Bitcoin on the downside. Speaking to Kitco News earlier yesterday, the expert who correctly predicted Bitcoins 2021 top, noted that Bitcoin could dip to $9,000.

I always look at possibly $12,000 to $13,000 in a short term goal. I believe it will go lower than that and break through $10,000 and could drop as low as $9,000 before this is all over. Soloway told Kitcos, David Lin.

According to him, the Bitcoin chart was forming a bearish flag pattern which, if validated, could see its price drop to that level. He said, however, that BTC would likely see a small rally in the short term.

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All we have to do is pull out $17,000, and I actually think we’re going to get a short-term rally of around $18,400. So, actually, I’m very short-term bullish, but you can’t ignore the larger pattern here, which is still bearish.

Soloways’ predictions come even as the FTX debacle hammers the markets. Over the past two months, companies linked to the Sam Bankman-Frieds crypto empire have pulled back, crushing investors’ risk appetite. For Soloway, however, while there was still some rinsing to do, there was no doubt that it was all nearing the end.

We are also getting closer to potential regulation, which I think will be a huge boon for bitcoin and crypto, as it will be a way for the big bucks to start getting into crypto again, he said. for follow-up.

Previously, Soloway called Bitcoin $500,000 in the long term as clear regulations for the crypto sector are passed and adoption accelerates. Since hitting an all-time high of $68,789 in November 2021, the price of bitcoin has fallen more than 75%, making it the fourth largest all-time wipeout in asset history.

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