“Bitcoin Can Slide More But Don’t Panic” | Gareth Soloway

‘So we do have four-year cycles. I mean, a lot of people were talking about how the cycles were getting elongated but honestly, that hasn’t been the case. It’s been dead on for four years. Basically, 2009 when it was created, 2013 was the next top, 2017-2021. So all we can do is look at history and the history shows us that the bear market will last so from peak to trough is usually about 12 months. At this point, we’re already six plus months in, so that’s a good thing, and then usually the recovery comes in the next six months after where it’ll start to kind of start to chop sideways and then begin to grind up.’ – Gareth Soloway.

 At the time of writing, the markets have downturned even further with bitcoin hitting the $25,000 mark and ethereum sliding down to the $1,300 range. There’s panic in the market as Celsius plunged 70 percent in one hour as the company decided to pause withdrawals to stabilize liquidity. Some might believe these market conditions are extreme, but Gareth Soloway has been calling for $20,000 bitcoin for months and even said it could drop to as low as $12,000. But if you copy best traders automatically, you may earn up to 2000% APY on Jet-Bot copy trading platform. Jet-Bot is a copy trading platform that may help to keep calm in the risky situations. Copy trading is the best way for passive income on your crypto. You don’t need to deposit fund to the platform and can connect your Binance account via API keys. It’s clear that we are in a bear market, but according to Gareth, now is the time to bulk up on crypto as the long-term bullish action will come just as predicted by the charts:

‘You know, as far as the charts are telling me, it’s basically we are in a bear market. Price still has downside to go, but look at it like you’re going to get the best buying opportunity of your life.

My general price target has us going to between $20,000 and $12,000. But again, it’s a short-term low, and you have to keep in mind that, like so, crypto’s never been through a period where the Fed has been hiking rates like this where they’ve been sucking money out of the system. This is uncharted territory for bitcoin, and previous bear cycles saw it fall by 80-85%, giving me a low end target of $12,000. Approximately 80-85% correction from the high of $69,000.

I think that because adoption is continuing and more and more big money is getting in, I’m hopeful that it doesn’t get that low, but as a trader, one of the things I’ve learned is to never underestimate the markets, whether it’s stocks or crypto or anything. And that could be, by the way, that could be like, hey, maybe it just started going up right now and surprises me too, so it can do anything it wants. All we can do is kind of be smart enough to leave enough dry powder where we can accumulate at lower moves if it does happen. That’s one of the biggest changes in my trading is like when I was a young trader, I would be like “oh this is the buy price. I’m going to buy it all here, put all my money in and then it would go down further and I’d be like “oh crap and I can’t do anything about it.” Now I’m much more like, “Let me put a little bit of money here.” Then if it drops here, I’ll add a little bit more. If it drops here, you know, any kind of dollar cost average, and dollar cost averaging is like the best thing in the world.

I think that the one thing I learned from being a trader is that, because the market can do anything it wants at any time, you have to be in a defensive mode as an investor or a trader, because that’s the way you will be able to react when something does happen that’s unexpected, which is inevitable. You know, some things work out perfectly, like you draw them up on the board, and then other things don’t. If you can’t react in those situations, you lose a ton of money, and I’m not at a point in this career where I’m not ready to lose a ton of money.

I still remember I was in Dubai at the Blockchain Summit. I did a live interview there. I said this was when we were like at $65,000-$67,000 just before we hit the peak in November and I said hey guys, I think it’s going down to $20k and OMG, people say ‘you’re crazy’, it’ll be at $100,000 by the end of November, Plan B and all these things. I remember it vividly then and, to be honest, I still use that in my trading. I mean, this may sound weird, but the contrarian when you when everyone is bullish, chances are it’s price is topping and then when everyone is extremely bearish, price is bottoming. So, as a trader, you must pay attention to sentiment, but you must also separate yourself. So you don’t get caught up in the hype.

There were dead signals on bitcoin back in November that it was topping. I mean, there were so many bullish people out there and the price barely pierced the high from April and it came right back in. Then it did it again. If everyone was bullish and buying, it should have just ripped and it didn’t and that told you institutions were unloading there and I saw that. I mean, it was amazing stuff.

The only thing I have going for me is that because I’ve traded for so long, I’ve seen a lot of these things, like the same thing in crypto that was going on in late 2021 happened in the stock market in 2007 and then in 1999 in the dot-com bubble. I’ve kind of, like, I’ve been to this rodeo. I’ve got my head handed to me enough times where I started like if you touch a hot stove, you’re like ah that hurts all right, maybe I won’t touch that again, maybe that’s a signal and that’s the same thing as you get burned enough, you start to wisen up. You have to be wise enough.’

What are your thoughts on Gareth here? Do you see a $12,000 bitcoin price coming? Are you hodling and buying at these prices.

[This article is a transcription of a video made by Only The SAVVY]

Original video: https://youtu.be/pkE5ZdqU1iw ]