Senior Analyst Prediction: Bitcoin (BTC) Price Could Plummet to $35,000 — Here’s the Scenario!

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Senior Analyst Prediction: Bitcoin (BTC) Price Could Plummet to $35,000 — Here’s the Scenario!

Jakarta, Pintu News – The crypto market is back in the spotlight after veteran analyst Gareth Soloway revealed a surprising potential movement in the price of Bitcoin (BTC). In his latest analysis, Soloway laid out several scenarios that could happen to the price of Bitcoin (BTC), ranging from short-term stability to the possibility of a sharp decline in the event of major turmoil in global financial markets.

This prediction is a concern for market participants, given the high volatility in the world of digital assets. This article will take an in-depth look at Soloway’s views, ranging from rebound opportunities, important resistance areas, to the worst-case scenario that could bring Bitcoin (BTC) to the $35,000 level.

Bitcoin (BTC) shows resilience amid market pressure

Gareth Soloway highlighted that Bitcoin (BTC) is currently still holding in a very crucial price area, despite the United States stock market being under pressure. According to him, Bitcoin (BTC) is actually showing better resilience than major stock indices, thus attracting the attention of investors who are looking for alternatives amid uncertainty.

He also thinks that some of the capital from the stock market will likely shift to Bitcoin (BTC), limiting the potential for further declines in the near future. This phenomenon shows that Bitcoin (BTC) is starting to be viewed as a hedge asset amidst traditional market turmoil.

Soloway added that the price movement of Bitcoin (BTC), which fell but closed above important levels again, indicates that there is still strong buying interest. The area around $73,000-$74,000 is a zone to watch, as it was previously a major breakout point.

The sharp price reaction around $73,000 shows that market participants are still actively defending these levels. Thus, the chances of a short-term rebound remain open, although risks in the global market still loom.

Bitcoin (BTC) Rebound Potentially Limited to $85,000-$86,000 Area

In the event of a price recovery, Soloway predicts that Bitcoin (BTC) will face considerable selling pressure in the range of $85,000 to $86,000. This area previously served as important support before being broken downwards, so it now has the potential to become a strong resistance zone.

According to Soloway, a rise towards this area does not necessarily signal the start of a new bullish trend, but could be the beginning of further selling pressure. Investors are expected to stay alert for a potential reversal once the price hits this zone.

Read also: Galaxy CEO Calls Crypto Entering a New, More ‘Mature’ Phase

Soloway emphasized that the rebound to the $85,000-$86,000 area is more technical and not strong enough to confirm a long-term trend change. He also warned that the fragile global market sentiment could trigger massive profit-taking at these levels. Therefore, the price movement in this area will be an important determinant for the next direction of Bitcoin (BTC). If selling pressure dominates, it is not impossible for the price to fall back to lower levels.

Base Scenario: Correction Towards $55,000 and Worst Case Scenario at $35,000

In the baseline scenario, Soloway predicts that Bitcoin (BTC) will experience a reasonable correction towards the $55,000 area, assuming no severe global financial crisis occurs. He refers to previous cyclical patterns, where Bitcoin (BTC) typically falls about 20% below the previous cycle’s record high.

With the 2021 price peak at around $69,000, a correction to $55,000 is considered a logical level and potentially a long-term price floor. This area also corresponds to significant historical trading activity.

However, Soloway does not rule out the worst-case scenario if the global stock market experiences a sharp drop of 30%-50%. Under such extreme conditions, the head-and-shoulders pattern formed on the Bitcoin (BTC) chart could trigger a deeper drop to the $34,000-$35,000 range.

He emphasized that this scenario is not the main expectation, but will only happen if there is a major shock in the world’s financial markets. Nevertheless, investors are advised to remain vigilant and consider a gradual accumulation strategy in the $55,000-$65,000 range if the price moves to that area.

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities are subject to high risk and volatility, always do your own research and use cold hard cash before investing. All activities of buying and selling Bitcoin and other crypto asset investments are the responsibility of the reader.

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