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Gareth Soloway, Chief Market Strategist of Verified Investing.com, recently shared his thoughts on where Bitcoin’s price might be headed, especially with the Federal Reserve expected to make some big moves in September.
In an interview with David Lin, the analyst said that as long as Bitcoin stays within its current price channel (a sort of range it’s been trading in), we could see its value rise. In the short term, he thinks Bitcoin could climb to around $69,000. If it manages to break past this point, it could even shoot up to $74,000, or possibly higher, reaching $100,000 in the next year or two.
One interesting thing he points out is that Bitcoin is starting to behave more like gold, meaning it might not be as closely tied to the ups and downs of the stock market as it once was.
Watch Out for the Downside:
However, Soloway also warns that there are risks. If Bitcoin drops below a critical support level of $52,000, it could signal the start of a significant downtrend, potentially bringing the price down to $38,000-$39,000. He reminds us of how quickly Bitcoin can fall, pointing to a recent drop from $70,000 to $49,000 in just two weeks.
Why the Bulls Are Still Hopeful
Even though Bitcoin has been in a bit of a slump lately, Soloway sees signs that it could bounce back. There are still plenty of buyers willing to step in at current prices, which is a good sign. If the selling pressure eases, these buyers could push Bitcoin higher, leading to the next big rally.
September: A Make-or-Break Month
September has historically been a tough month for Bitcoin and the stock market. But Soloway advises not to get too caught up in past trends. Instead, he suggests focusing on what the charts are showing right now. If Bitcoin can hold above its key support levels, it might avoid the typical September slump.