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"This Is My Biggest Fear For The Market" | Gareth Soloway
At the time of writing, Bitcoin is trading for $19,815.70, which is up 3.8% in the past 24 hours. This is a slight rebound after dropping down to $18,198 earlier in the day after the Labor Department reported that U.S. consumer prices in September slowed from the prior month but the inflation rate was still faster than what economists had predicted.
The short spikes in the markets are as expected, according to trader and analysts Gareth Soloway. In a short interview with Kitco News from the Future Blockchain Summit in Dubai, Gareth Soloway updated his thoughts on the Macro environment, Fed Policy, and where he sees Bitcoin going. Soloway reiterated that we have not seen the bottom yet, as people are still spending the savings from Covid, but by mid-2023, when everyone runs out of savings, that’s when the effect of what the Fed is doing now will show its ugly head as Soloway refers to it as ‘a cliff dive.’ Soloway still sees a support level for Bitcoin at 12-13k, and a possible slide down to 3.5k to mirror Amazon’s big crash during the dot.com bubble, but Gareth believes the downturn in the economy, paired with more regulation for Bitcoin will cause a huge rally in the long run.
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Watch the full unedited interview here ⬇ [Credits] 🙏
https://www.youtube.com/watch?v=iwD_zWgyUz8
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🎵BACKGROUND MUSIC licensed through AudioJungle & Epidemic Sound
🎥FOOTAGE licensed through VideoBlocks and Filmpac, except parts about the topic that have been used under fair use.
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FAIR-USE COPYRIGHT DISCLAIMER
Copyright Disclaimer Under Section 107 of the Copyright Act 1976, allowance is made for "fair use" for purposes such as criticism, commenting, news reporting, teaching, scholarship, and research. Fair use is a use permitted by the copyright statute that might otherwise be infringing.