Connect with us

Hi, what are you looking for?


Pro trader: Bitcoin could still go to $12,000

In crypto news today, the market remains bearish as widespread losses across risk assets continue to dictate sentiment in a week where major monetary policy actions could provide fresh impetus for bears. For Bitcoin (BTC), that outlook is likely to see its value dump even further after yesterday’s bearish retest of support near $18,250.

So despite today’s attempt to break above $19,500, a crash across stocks could provide ground for a new leg down for Bitcoin and crypto.

Gareth Soloway, founder and chief financial officer at investing platform, says the benchmark cryptocurrency risks a crash to $12,000 if this happens.

Pro explains Bitcoin’s likely dump

In an interview with Stansberry Research aired early Tuesday, Soloway said Bitcoin’s weakness – as it is for stocks – is down to the strength shown for much of the year by the US dollar. Highlighting chart movements for the dollar, the S&P 5OO and Bitcoin, the market strategist said every uptick in dollar strength has seen the risk assets trading down.

“When you see the dollar continuing to stay at 20+ year highs, and it continues to grind up, it just kills all risk assets. You can actually watch on the intraday basis, how every uptick in the dollar, you’ll see the opposite occurring in the Bitcoin chart or the stock charts of the S&P as well.”

According to the president, the key here is to “keep an eye” on the interest rates. He says currently the market is characterised by a lot of “give and take” among investors keen to glean gains even as they ponder what the US Federal Reserve is likely to do at its meeting this week.

On where Bitcoin trades next amidst all the jitters, Soloway says the key for bulls is to hold the pivotal $19,500 level “on a daily closing basis.” This level goes back to the 2017 cycle high and with BTC dancing around this zone for quite a bit this year, it has become a critical buffer area.

As we highlighted yesterday, Bitcoin fell to lows of $18,255 on Coinbase before staging a mild recovery late afternoon. Soloway says reclaiming and keeping $19,500 could help Bitcoin price bounce higher if the dollar begins to ease off and the Fed’s commentary on Wednesday reveals a pivot – not a QE, but indications of a lower rate hike or hold for its next meeting. That could stimulate the market and aid bulls.

However, the opposite could spell fresh gloom and a downside for BTC portends a breakdown past June lows towards what has previously been termed as a region of maximum pain.

In his opinion, the analyst sees a new leg down to $12,000-$13,000 levels if markets turn red. He also suggests a similar trajectory for stocks, which could tag March 2020 highs by the end of the year or early 2023.

The post Pro trader: Bitcoin could still go to $12,000 appeared first on Invezz.

Enter Your Information Below To Receive Free Trading Ideas, Latest News And Articles.

    Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

    You May Also Like


    Solana (SOL/USD) is enormously underrated as a cryptocurrency project, even with its hiccups – including the latest exploit on one of the ecosystem apps....

    Editor's Pick

    The new eSIM infrastructure will help modernise the IoT connectivity market with fast, secure connections and reduced vendor lock-in. 1oT, a tech startup from...


    The latest Job Openings and Labor Turnover Survey from the Bureau of Labor Statistics shows the total number of job openings in the economy...


    U.S. District Court Judge Reed O’Connor recently ruled to uphold the rights of employers granted in the Religious Freedom Restoration Act, rather than uphold...

    Disclaimer:, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2023