- Bitcoin’s value has been positively impacted by recent risk-off market sentiment.
- Gareth Soloway believes Bitcoin needs to go above $30,000 to signal a bull market.
- Soloway suggests DOGE’s recent rise may not hold without Musk adding it as payment to Twitter.
In a recent video posted by the YouTube channel Stansberry Research, host Daniela Cambone discusses Bitcoin prices and the current S&P action alongside guest Gareth Soloway, President and CFO at InTheMoneyStocks.com.
According to the BTC expert, risk-on usually drives the currency’s value upwards. However, due to the recent banking crisis, risk-off has been a positive for the leading crypto. Moreover, Bitcoin’s current price is going back to the levels which were the lows during the bull market back in 2021.
However, Soloway shares that he stays “bearish versus a suspect,” when he analyzes the charts in terms of whether or not the bull market is back in Bitcoin while still favoring a bear market until BTC goes above $30,000.
Additionally, Soloway believes that Bitcoin in a bear market can hit as low as $12,000. He adds that if Bitcoin establishes itself over $30,000, the market can escape the psychological lows from the bull market of 2021.
When Cambone asks where the Bitcoin pricing can be heading, Soloway answers that if Bitcoin stays above $30,000 for a week or so, the market can anticipate prices going up from $35,000 to $40,000.
The pair also discuss Elon Musk’s recent decision to change the Twitter logo to the DOGE logo, which has resulted in a 30% pump for Dogecoin. Soloway notes,
“Elon Musk loves catering to the crowd – the small investor, the retail crowd.”
While studying the charts, Soloway cites that DOGE’s current rise in price went back to the highs of February 2023, where the value stalled out. Moreover, as per the crypto expert, the price can only mean something if Musk adds DOGE as a form of payment to Twitter.
Otherwise, there needs to be more relevance to the growth, which can cost an investor either a loss or a profit. Therefore, both Cambone and Soloway suggest that viewers not to buy into the hype.
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