Bitcoin dropped to $ 29,000 with a set decline today.
While the reasons behind this decline are still unclear, InTheMoneyStocks analyst Gareth Soloway made statements that there may be a further decline.
In a recent interview with David Lin, Soloway claimed that there will be a terrible drop in the stock markets.
Soloway, who expected a decrease in the stock markets in the near future, stated that this decrease may also spread to the crypto money markets.
"FED said we expect a slight recession in the near future. If you hear the FED say mild or temporary, you should be cautious about risky assets.
After these statements of the FED, I expect a decrease in the stock market. I think the stock markets are preparing for a bad second half. And my estimation is that this will bring the crypto market down as well.”
"I Expect a Short Term Decrease in Bitcoin and a Long Term Rise!"
Making an evaluation about the Bitcoin price, Soloway said that he expects a decrease in BTC in the short term and an increase in the long term.
Noting that $ 30,500 in BTC is a very important psychological level, the analyst said the following about Bitcoin price.
“If Bitcoin does not successfully hold above $30,500 in five to seven days then I will enter bearish mode on Bitcoin.
As of now, I am not completely convinced of the rise in Bitcoin. The bear market is not over yet.
I still think it's a bear market rally. I still think that there may be more declines in the BTC and crypto money market.”
*Not investment advice.