The analyst expects Bitcoin to cross $ 54,000 this year, but next year it belongs to …
In a recent cheep Per CryptoRank, only 6.3% of the total supply of Bitcoin, or 1.3 million BTC, is held on cryptocurrency exchanges. However, the declining supply is not news as Bitcoin halving in 2020 when the BTC Block Reward was split in two.
Now, despite mounting concerns, BTC has shown a decent track record. At press time, it increased more than 6% in 24 hours. But was this enough?
And the winner is…
Gareth Soloway, the chief market strategist at market technical guidance platform InTheMoneyStocks.com expressed his concerns in a recent interview. Well, concerns for BTC advocates, but quite the opposite for gold supporters. Here because.
Bitcoin, as anticipated, was the best performing asset in 2021. The following table highlights the same.
However, will this hold in the future until 2022? As projected by Soloway, gold will overtake Bitcoin and the stock market in 2022.
“I am optimistic about gold. I think gold will be the top performer in 2022 and you can see this beautiful wedge pattern forming here on the charts. My guess is that we are going to break to the upside and you should see a move up at the very least back to the 2020 highs. “
Here is the graph that indicates the same.
Source: YouTube.
Additionally, Soloway set that gold could hit the $ 3,000 price target. Well, thanks to rising inflation, numbers, and a possible rise in interest rates. Project:
“I think even a potential $ 3,000 price target for gold. Ultimately, you have to look at the inflation figures because it will not go back to the 2% level. The fed will shrink, but ultimately people will turn to gold, ”Soloway said.
But what about the King coin?
Needless to say, said merchants expressed an ambiguous narrative about the royal currency.
Source: Youtube
Starting with the positive first. Bitcoin would see a significant increase in the short term. With ongoing volatility, Soloway expects Bitcoin to break above $ 54,000 in the next three weeks. At the moment, BTC is trading above the $ 51k mark, up 6% in 24 hours. But you need to worry in the long run.
“My biggest concern about BTC is what we’re seeing on the longest (period) chart,” Soloway stated. Expect the cryptocurrency to be bearish in the next six months. He expects BTC to drop to around $ 30,000 or even $ 20,000 in 2022 before breaking out again, based on historical price movement. The analyst stated,
“I will put on the record that in 2022, BTC will review $ 30k with a decent potential of at least reaching $ 20k (in the same year).”
This is a machine translation of our English version.