Bitcoin, stocks, gold; One of them will have a ‘major breakthrough’ – Gareth Soloway updates his goals

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Bitcoin, stocks, and gold are all set for major moves, but not all moves will be equal.

Gareth Soloway, chief market strategist at InTheMoneyStocks.com, talks with Kitco News presenter David Lin which assets are most likely to see a rise.

While Bitcoin has hit new all-time highs in recent weeks, it is still struggling to break through a double top. In recent bull cycles, namely in 2013 and 2017, a double top was followed by a sharp price correction, Soloway noted.

“The last thing an investor wants to do is jump to the top. A double top, historically, whether it’s stock charts or crypto charts, there can be significant highs before major downward moves. So the last thing an investor wants to do is put in new capital before they know for sure that this is a major upside break, ”Soloway said. “Now if it breaks recent highs and holds above $ 67,000 for a week or two, then I think it will drop to at least $ 75,000 to $ 77,000. That’s my next level. calculated resistance.

Soloway’s outlook for the stock market is slightly more bearish for the new year.

“I’m going against the Christmas rally. I think everyone is betting on it. I don’t think that’s happening when interest rates are getting closer to 2%, ”he said.

Regarding gold, Soloway said a major break from current levels is now possible.

“If interest rates go up because of inflation, if you look back to the 1970s, gold actually outperformed. If you look at the last 20-30 years where there was no inflation, rising interest rates actually hurt gold. But we are in the new situation, [heading for] a repeat of the 1970s and 1980s, and the gold is starting to rise, ”he said.

For Soloway’s gold price target, watch the video above.

Follow David Lin on Twitter: @davidlin_TV (https://twitter.com/davidlin_TV)

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Disclaimer: The opinions expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure the accuracy of the information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is for informational purposes only. This is not a solicitation to trade in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article accept no responsibility for any loss and / or damage resulting from the use of this publication.

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