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Bitcoin to drop to $13K before rally as “financial crisis 2.0” unfolds – Gareth Soloway

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Bitcoin to drop to $13K before rally as “financial crisis 2.0” unfolds – Gareth Soloway

by Cuevas Antonio
March 28, 2023
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Bitcoin to drop to $13K before rally as “financial crisis 2.0” unfolds – Gareth Soloway
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(Kitco News) – Bitcoin, which is up around 65 percent year-to-date and is currently trading near $27,000, will fall to $13,000 before another rally, said Gareth Soloway, Chief Market Strategist of InTheMoneyStocks.com and President of VerifiedInvestingEducation.com.


Soloway’s comments come after UBS’s takeover of the beleaguered Credit Suisse, once the second-largest bank in Switzerland, an event which follows recent bank failures in the United States, including Silvergate, Silicon Valley Bank, and Signature.


“This is a basic financial crisis 2.0,” Soloway told Michelle Makori, Lead Anchor and Editor-in-Chief at Kitco News. “We don’t know how bad this is going to get… this is like a Lehman moment potentially.”


Soloway, who has two decades of experience as a professional trader and correctly called the Bitcoin bottom in 2021, said that the ongoing banking crisis had caused investors to pull their money out of banks and buy Bitcoin, hence explaining the coin’s recent rally.


However, he told Michelle Makori, Lead Anchor and Editor-in-Chief at Kitco News, that as the financial system becomes “calmer,” Bitcoin would drop to $13,000, and even as low as $9,000 in 2023.


“If you look historically at Bitcoin, it has gone down when the stock market has gone down,” he observed. “If the S&P dumps as much as I think, Bitcoin will get caught up in that selling.”


Long-term, however, he said that he is a Bitcoin “bull.”.

To find out Soloway’s outlook on gold, silver, stocks, and Bitcoin, watch the video above.

Follow Michelle Makori on Twitter: @MichelleMakori

Follow Kitco News on Twitter: @KitcoNewsNOW








Disclaimer: The views 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 accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.





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