Bitcoin climbed above the $20,000 level on Wednesday but it may not remain there for long as BTC is repeatedly being rejected at these levels. BTC has been hovering between $18K to $20K for close to a month and could repeat the feat in October. Veteran trader Gareth Soloway who’s been in the stock markets for two decades believes Bitcoin’s troubles are yet to begin. Soloway has given out a doomsday price prediction for Bitcoin that could make investors feel the jitters.
If Soloway’s Bitcoin price prediction turns true in the future, the crypto markets would be in the worst possible condition ever recorded. The markets could be turned upside down leaving investors high and dry with nowhere to go.
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Bitcoin Doomsday Price Prediction
Financial analyst Gareth Soloway predicted in a recent interview that the worst-case scenario for Bitcoin would be plummeting to $3.500. “Looking at a worst-case scenario, Bitcoin will hit $3,500,” he said to Kitco News.
The reasoning behind BTC reaching $3,500 levels as per Soloway is that the crypto markets have never faced a recession. After the 2008 stock market crash, the markets were smooth sailing with no inflation and recession.
The US GDP remained on the positive side but that’s not the case anymore in 2022. The GDP is negative for three consecutive quarters and is officially into a technical recession.
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Soloway predicted that the path ahead is more bearish and Bitcoin is primed for further and harsh possible corrections. “I think the key here is to just understand what type of market we’re in. When you’re in a bear market, it takes a lot to get prices to go up because people are scared,” he said.
He added,
“So, if you’re in a bull market, you could have the tiniest bit of news and the price will rip up. It could even be news that’s not relevant. But the problem is we’re in a bear market. And, in a bear market, people really need value.”
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Whether Bitcoin will plummet to $3,500 from its present levels of $20,000 is game investors need to wait and watch. The fall from $20K to $3.5K is another 82.5% correction and is too scary to turn true as it would fall 95% from its all-time high of $69.044.