Bitcoin (BTC) continues to exhibit bullish sentiment, maintaining its position above the $50,000 mark as the market anticipates a possible push toward a new record high. Despite the optimistic market conditions, uncertainty over the digital assets next move still looms.
In this line, cryptocurrency trading expert Gareth Soloway, during an interview with David Lin published on February 18, suggested that Bitcoin can potentially experience a drop, drawing parallels with the stock market.
According to Soloway, amid the bullish conditions, Bitcoin could retest the $30,000 mark if the stock market undergoes a correction ranging between 20% to 30%. He considers this potential new Bitcoin position a line in the sand and views it as an accumulation opportunity.
This perspective aligns with Soloways broader thesis that Bitcoin tends to behave as a risk asset and could naturally undergo sell-offs during periods of broader market decline.
My major line in the sand is that $30,000 to $32,000 level, so if we can retrace there Ill start accumulating pretty heavily. <> My thesis is that if we see a 20-30 % correction in the stock market, then have to talk about Bitcoin possibly coming back to $30,000 to $32,000, he said.
Additionally, while highlighting the frothiness in the market, Soloway drew parallels between the current sentiment on social media and the behavior seen during the previous Bitcoin market top at $69,000.
He expressed concern about a prevailing attitude reminiscent of stock market bubbles, where speculative behavior leads to an assumption that any investment choice is a winning one.
At the same time, while anticipating a price pullback, Soloway dismissed the possibility of Bitcoin reclaiming its last record high of almost $69,000 before any potential correction. However, he acknowledged the existence of fundamental, long-term reasons to be bullish on Bitcoin.
Furthermore, the expert commented on the drivers behind the recent Bitcoin rally. Despite the recent surge, Soloway believes the rally is no longer solely driven by the spot exchange-traded fund (ETF) or the upcoming halving.
Instead, he pointed to broader market dynamics, emphasizing the role of money and risk assets in propelling Bitcoins recent gains.
Its worth noting that Soloway joins other market players who believe that Bitcoin has the potential to correct. For instance, as reported by Finbold, crypto trading expert Alan Santana suggested that based on recent technical indicators, Bitcoin faces a possible fast, sudden, and strong drop.
By press time, Bitcoin was trading at $51,669, reflecting a daily gain of nearly 1%. The maiden cryptocurrency has surged by almost 8% on the weekly chart.
In technical analysis, Bitcoin is currently dominated by bullish sentiments. A summary of the one-day gauges retrieved from TradingView aligns with the buy signal at 10. Moving averages signal a strong buy at 13, while oscillators recommend a neutral stance at 9.
In the meantime, Bitcoin bulls hope the asset maintains its valuation above the $50,000 mark, as its crucial to helping the cryptocurrency mount a new all-time high.
Disclaimer:The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
Continued here:
'Major line in the sand': Analyst names next BTC levels to watch - Finbold - Finance in Bold
- Bitcoin Center NYC To Support Wednesday's CryptoCurrency Convention By Hosting After-Party [Last Updated On: April 11th, 2014] [Originally Added On: April 11th, 2014]
- As Bitcoin Soars in Value, Alternative Cryptocurrencies ... [Last Updated On: April 11th, 2014] [Originally Added On: April 11th, 2014]
- CryptoCurrency.org [Last Updated On: April 11th, 2014] [Originally Added On: April 11th, 2014]
- Cryptocurrency - Wikipedia, the free encyclopedia [Last Updated On: April 11th, 2014] [Originally Added On: April 11th, 2014]
- Qoinpro Cryptocurrency Faucet - Video [Last Updated On: April 11th, 2014] [Originally Added On: April 11th, 2014]
- Global Issues Cryptocurrency Project - Video [Last Updated On: April 11th, 2014] [Originally Added On: April 11th, 2014]
- cryptocurrency - Video [Last Updated On: April 11th, 2014] [Originally Added On: April 11th, 2014]
- PotCoin @ Cryptocurrency convention NYC, Good Audio - Video [Last Updated On: April 12th, 2014] [Originally Added On: April 12th, 2014]
- Bryce Weiner @ CryptoCurrency Convention 2014 - Video [Last Updated On: April 12th, 2014] [Originally Added On: April 12th, 2014]
- Unobtanium Cryptocurrency Explained - Video [Last Updated On: April 12th, 2014] [Originally Added On: April 12th, 2014]
- How To Create Your Own Cryptocurrency Co.Labs code ... [Last Updated On: April 14th, 2014] [Originally Added On: April 14th, 2014]
- CryptoCoinsNews - Cryptocurrency and Bitcoin News with ... [Last Updated On: April 14th, 2014] [Originally Added On: April 14th, 2014]
- Joe Rogan and Reddit Co-founder Alexis Ohanian talk Dogecoin, Cryptocurrency - Video [Last Updated On: April 14th, 2014] [Originally Added On: April 14th, 2014]
- How To Assess A CryptoCurrency: AltCoin Assessment Protocol. What's the next big AltCoin? - Video [Last Updated On: April 14th, 2014] [Originally Added On: April 14th, 2014]
- Reggie Middleton's UltraCoin @ NYC CryptoCurrency Convention - Video [Last Updated On: April 14th, 2014] [Originally Added On: April 14th, 2014]
- The future is Nxt (cryptocurrency platform) - Video [Last Updated On: April 19th, 2014] [Originally Added On: April 19th, 2014]
- CryptoCurrency Convention 4/9/14 - Dan Larimer Bitshares - Video [Last Updated On: April 20th, 2014] [Originally Added On: April 20th, 2014]
- CryptoCurrency Convention 4/9/14 - Xavier Hawk Permacredits - Video [Last Updated On: April 20th, 2014] [Originally Added On: April 20th, 2014]
- Does a cryptocurrency have the potential to revolutionize Ukraine? - Video [Last Updated On: April 20th, 2014] [Originally Added On: April 20th, 2014]
- Marscoin @ CryptoCurrency Convention NYC 4/9/14 - Lennart Lopin - Video [Last Updated On: April 22nd, 2014] [Originally Added On: April 22nd, 2014]
- Vertcoin @ CryptoCurrency Convention NYC 4/9/14 - Joe Fisher - Video [Last Updated On: April 22nd, 2014] [Originally Added On: April 22nd, 2014]
- UltraCoin @ CryptoCurrency Convention NYC 4/9/14 - Reggie Middleton - Video [Last Updated On: April 22nd, 2014] [Originally Added On: April 22nd, 2014]
- iCoin @ CryptoCurrency Convention NYC 4/9/14 - Ryan Ridgeway - Video [Last Updated On: April 22nd, 2014] [Originally Added On: April 22nd, 2014]
- Florincoin @ CryptoCurrency Convention NYC 4/9/14 - Joe Fiscella - Video [Last Updated On: April 22nd, 2014] [Originally Added On: April 22nd, 2014]
- PotCoin @ CryptoCurrency Convention NYC 4/9/14 - Nick Iversen - Video [Last Updated On: April 22nd, 2014] [Originally Added On: April 22nd, 2014]
- ZenithCoin @ CryptoCurrency Convention NYC 4/9/14 - Eddie Corral - Video [Last Updated On: April 22nd, 2014] [Originally Added On: April 22nd, 2014]
- Bryce Weiner @ CryptoCurrency Convention 4/9/14 - - Video [Last Updated On: April 24th, 2014] [Originally Added On: April 24th, 2014]
- Bitcoin Exchange CryptoRush Loses Millions of BlackCoin Cryptocurrency - Video [Last Updated On: April 24th, 2014] [Originally Added On: April 24th, 2014]
- Brock Pierce, Entrepreneur "FireSide Chat" @ CryptoCurrency Convention NYC - 4/9/14 - Video [Last Updated On: April 24th, 2014] [Originally Added On: April 24th, 2014]
- [OFFICIAL SPONSOR] Nick Spanos, Bitcoin Center NYC @ CryptoCurrency Convention 4/9/14 - Video [Last Updated On: April 24th, 2014] [Originally Added On: April 24th, 2014]
- AuroraCoin @ CryptoCurrency Convention NYC 4/9/14 - David Lio - Video [Last Updated On: April 24th, 2014] [Originally Added On: April 24th, 2014]
- DigiByte @ CryptoCurrency Convention NYC 4/9/14 - Jared Tate - Video [Last Updated On: April 24th, 2014] [Originally Added On: April 24th, 2014]
- Digitalcoin @ CryptoCurrency Convention NYC 4/9/14 - Andrew Davidson - Video [Last Updated On: April 24th, 2014] [Originally Added On: April 24th, 2014]
- BitAngels Co-Founder, David Johnson @ CryptoCurrency Convention NYC 4/9/14 - Video [Last Updated On: April 24th, 2014] [Originally Added On: April 24th, 2014]
- The Future of Cryptocurrency, Investing, and Crowdfunding (Toronto #BitcoinExpo Highlights) #548 - Video [Last Updated On: April 24th, 2014] [Originally Added On: April 24th, 2014]
- How to Set Up a Ripple (CryptoCurrency) Generating System! - Video [Last Updated On: April 24th, 2014] [Originally Added On: April 24th, 2014]
- --- The Great Debate --- Bitcoin vs Altcoin @ The CryptoCurrency Convention 4/9/14 - - Video [Last Updated On: April 24th, 2014] [Originally Added On: April 24th, 2014]
- Popularcoin @ CryptoCurrency Convention 4/9/14 - Joshua Nold - Video [Last Updated On: April 24th, 2014] [Originally Added On: April 24th, 2014]
- TimeKoin @ CryptoCurrency Convention 4/9/14 - Michael Brown - Video [Last Updated On: April 24th, 2014] [Originally Added On: April 24th, 2014]
- Infinitecoin @ CryptoCurrency Convention 4/9/14 - Loring Small - Video [Last Updated On: April 24th, 2014] [Originally Added On: April 24th, 2014]
- Bitcoin vs. Political Power: The Cryptocurrency Revolution - Stefan Molyneux at TNW Conference - Video [Last Updated On: April 26th, 2014] [Originally Added On: April 26th, 2014]
- TNW - Stefan Molyneux - Money, Power and Politics The Cryptocurrency Revolution - Video [Last Updated On: April 26th, 2014] [Originally Added On: April 26th, 2014]
- Coinnext Cryptocurrency Exchange Coming Soon - Video [Last Updated On: April 29th, 2014] [Originally Added On: April 29th, 2014]
- The Mises View: "Taxing Cryptocurrency" | Jeff Deist - Video [Last Updated On: May 2nd, 2014] [Originally Added On: May 2nd, 2014]
- mTrader.org - Cryptocurrency Mining System - Video [Last Updated On: May 2nd, 2014] [Originally Added On: May 2nd, 2014]
- CS 171 Final Project: Cryptocurrency Visualizations - Video [Last Updated On: May 3rd, 2014] [Originally Added On: May 3rd, 2014]
- Cryptocurrency Explained The Tech Guy 1046 - Video [Last Updated On: May 3rd, 2014] [Originally Added On: May 3rd, 2014]
- Know How 74 Cryptocurrency - Video [Last Updated On: May 4th, 2014] [Originally Added On: May 4th, 2014]
- CryptoCurrency of the World Unite! - Video [Last Updated On: May 9th, 2014] [Originally Added On: May 9th, 2014]
- BBT Presents: Ode to Cryptocurrency - Video [Last Updated On: May 13th, 2014] [Originally Added On: May 13th, 2014]
- Scryptify Cryptocurrency Video - Crypto Currency Exchanges - Video [Last Updated On: May 13th, 2014] [Originally Added On: May 13th, 2014]
- Bitpagar Cryptocurrency - Video [Last Updated On: May 16th, 2014] [Originally Added On: May 16th, 2014]
- How to Mine Cryptocurrency Safely - Video [Last Updated On: May 17th, 2014] [Originally Added On: May 17th, 2014]
- Bunnycoin - Innovative New Cryptocurrency - Video [Last Updated On: May 17th, 2014] [Originally Added On: May 17th, 2014]
- Nxt cryptocurrency platform: Proof of Stake mining system - Video [Last Updated On: May 18th, 2014] [Originally Added On: May 18th, 2014]
- Violincoin - The first cryptocurrency for musician - - Video [Last Updated On: May 21st, 2014] [Originally Added On: May 21st, 2014]
- The Cryptocurrency Store (Spanish/Espagnol) - Video [Last Updated On: May 22nd, 2014] [Originally Added On: May 22nd, 2014]
- Cryptocurrency: Get Mining! - Video [Last Updated On: May 22nd, 2014] [Originally Added On: May 22nd, 2014]
- How To Trade CryptoCurrency: Sign up to a safe and reliable exchange for trading CryptoCurrency - Video [Last Updated On: May 22nd, 2014] [Originally Added On: May 22nd, 2014]
- Cryptocurrency and Nonprofits with Eric Nakagawa - Video [Last Updated On: May 23rd, 2014] [Originally Added On: May 23rd, 2014]
- The Cryptocurrency Store - Video [Last Updated On: May 23rd, 2014] [Originally Added On: May 23rd, 2014]
- Bitcoin Song - The Cryptocurrency Store - Video [Last Updated On: May 25th, 2014] [Originally Added On: May 25th, 2014]
- Videoconferencia Cryptocurrency 201243946 - Video [Last Updated On: May 27th, 2014] [Originally Added On: May 27th, 2014]
- VideoCharla Jesus Ramos Cryptocurrency - Video [Last Updated On: May 27th, 2014] [Originally Added On: May 27th, 2014]
- Sudbury Cryptocurrency Conference, May 26th: Ethereum - Video [Last Updated On: May 30th, 2014] [Originally Added On: May 30th, 2014]
- 2014 Cubieboard 1, 2 - Mining Peercoins (SHA-256 based) Cryptocurrency - Video [Last Updated On: June 2nd, 2014] [Originally Added On: June 2nd, 2014]
- 2nd Salaries in CryptoCurrency - Video [Last Updated On: June 2nd, 2014] [Originally Added On: June 2nd, 2014]
- The Best Cryptocurrency Trading Platform - Video [Last Updated On: June 3rd, 2014] [Originally Added On: June 3rd, 2014]
- Cryptocurrency business forum - Video [Last Updated On: June 4th, 2014] [Originally Added On: June 4th, 2014]
- Cryptocurrency Opportunities in Southeast Asia | John KIM - Video [Last Updated On: June 7th, 2014] [Originally Added On: June 7th, 2014]
- Facebook Approves Cryptocurrency Tipping Apps -- Bitcoin Weekend In San Francisco - Video [Last Updated On: June 8th, 2014] [Originally Added On: June 8th, 2014]
- Wolf of Wall Street & Cryptocurrency w/ Patrick "PK" McDonnell - Video [Last Updated On: June 9th, 2014] [Originally Added On: June 9th, 2014]
- BankNote CryptoCurrency Review - Video [Last Updated On: June 13th, 2014] [Originally Added On: June 13th, 2014]
- CryptoCurrency 4 Housing for Father's Day! - Video [Last Updated On: June 13th, 2014] [Originally Added On: June 13th, 2014]
- Hyper CryptoCurrency Review - Video [Last Updated On: June 14th, 2014] [Originally Added On: June 14th, 2014]
- 0NE " EPIC " (HD dubstep mix) spot - a cryptocurrency with an Engine - Video [Last Updated On: June 15th, 2014] [Originally Added On: June 15th, 2014]
- Bitcoin,Litecoin mining rig cryptocurrency 2500W system, 6x 280x ASUS Beast 2014 - Video [Last Updated On: June 17th, 2014] [Originally Added On: June 17th, 2014]
- The Rundown Live #281 Tatiana Moroz (Chemtrails,CryptoCurrency,Anti-War) - Video [Last Updated On: June 19th, 2014] [Originally Added On: June 19th, 2014]
- Neutrality Coin New Alternative Cryptocurrency - Video [Last Updated On: June 20th, 2014] [Originally Added On: June 20th, 2014]
- Cryptocurrency Update - Buy Low, Sell High! - Video [Last Updated On: June 21st, 2014] [Originally Added On: June 21st, 2014]