Bitcoin is down 30 percent from its November high, but Gareth Soloway, chief market strategist at InTheMoneyStocks.com, has revealed that he has bought more at the $48,000 level as he expects a short-term bounce. He also revealed the reason behind it. Here are the details…
Analyst will sell his coins when Bitcoin sees 52-53 thousand dollars
As we reported on Somanews, Bitcoin (BTC), the largest cryptocurrency by market capitalization, experienced a great decline over the weekend and fell to $ 42,000. Along with it, the overall cryptocurrency market fell. Some investors took advantage of this sales wave to grow their wallets and made purchases. One of them was InTheMoneyStocks analyst Gareth Soloway. Soloway said he bought BTC at $48,000. However, the analyst is making plans to sell. The reason is as follows:
This ($48,000) is just a good place to buy. I look at it as short-term swing trading. I will make a sell when bitcoin returns to around $52,000 to $53,000. Afterwards, I expect further declines as leverage loss occurs.
The analyst also drew attention to the economic situation. He pointed out that due to higher inflationary pressures, the Federal Reserve did not have much choice left to stimulate the economy. Soloway said this will make exchanges more susceptible to bad news like the Omicron variant. He emphasized that a drop in leverage could push Bitcoin down further with stocks. He added that broader stock indexes have yet to correct.