Gareth Soloway shared his prediction on the trade price of Bitcoin on behalf of the current development around Bitcoin. He explained that Bitcoin spot ETF products are going to impact the Bitcoin trade price badly with the high sell pressure of stock market.
Current trade price of Bitcoin (BTC) is $43,350 & this trade price is 3% higher over the last 24 hours.
As we know, a total of 11 Bitcoin spot ETF applications were approved by the United States Securities and Exchange Commission (SEC) on 10 Jan 2024. So now Bitcoin trading via ETF is possible on the American stock exchanges. Alternatively we can say that stock investors are also now investing in Bitcoin via Bitcoin spot ETF products and slowly slowly a huge amount of money is getting into the Bitcoin market from the stock market.
So we can conclude that the financial impact on the stock market will also lead to some degree of problem for Bitcoin trade price on the crypto exchanges.
Recently Gareth Soloway, the chief market strategist at verifiedinvesting(dot)com talked about the impact of stock market up & downs on the Bitcoin trade price and said that there are chances that Bitcoin will crash $15k trade price.
According to Soloway, hype around Bitcoin because of the Bitcoin spot ETF was at peak & that pushed huge amounts of money into the Bitcoin market and also it led to a significant pump in the trade price of Bitcoin.
“These big news stories create so much hype and the top in bitcoin.”
In short, the current trade price level of Bitcoin is very logical with recent developments. He said that the outflows from GBTC, noting that “there was a lot of smart money that bought ahead of this news.”
This Stock market expert shared his bearish point on Bitcoin in relation with S&P. He believes that the Bitcoin trade price may retest the $15k level if the stock market crashes by 50%.
“I do worry that bitcoin could head back down,” Soloway told Makori. “If we saw a 50% drop in the stock market, I do see bitcoin retesting that $15,000 level,” Soloway said.
It is worth it to note that recently a survey was published by Deutsche Bank and reported that nearly 20 thousand respondents claimed that Bitcoin will crash below the $20k level. While 15% of the respondents predicted that Bitcoin price will surge from $40K to $75K by the end of 2024.
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