Crypto Expert Predicts ‘Final Flush’.. Bitcoin Crash 10k in 2023 | Gareth Soloway Latest Warning

To me this is the final flush out in Crypto that is now starting we're close To the bottom Um don't get discouraged by these big Bearish headlines that come out that's Part of a market that is bottoming yeah I think just you know just again for me I'm a very history I'm a history buff so I not only just on on world history but Also on stock and Market history and Asset history and you have to look back At at Lehman Brothers and and in fact Let me show my chart here because I do Think it's worth kind of taking a look At [Music] All right welcome back everybody to Altcoin daily my name is Austin joined By returning guest friend of the channel 20-year trading veteran Gareth Solway Thanks for joining me hey thank you so Much it's always good to be back and Talk to you definitely man and we had a Lot of fun in Dubai hanging with you the Kitco crew Um what's new since then not a whole lot Whole lot everything kind of like you Said before we started the interview is Different but at the same time it's the Same you know uh crypto's still stuck in This bear Market bear winter type thing Uh We've obviously since Dubai we've had The FTX collapse and that's just you Know Earth shattering but at the same

Time I know I know this sounds weird but It's like it's almost like something That I wanted to see happen so that I Knew that we were getting close to the End of the bear market and again it's Not like it's tomorrow or next week but This is the final to me this is the Final flush out in crypto that is now Starting so I think that's the you know You always try to look at things on the Positive side at least I do and I think That's the positive take here is that It's a horrendous situation but this Should be the final flush out of crypto Before it bottoms so last time we spoke In September I believe you and this was Before the FTX collapse you expect a Further downside in Q4 as low as 11k Right now we're hovering around 15 16k Did we play out like you thought or what Surprised you besides FDX yeah so I I Think it is playing out like like I Thought um I did have no idea that FTX Was going to be a you know the situation That it was but what you find out is in Bear markets you know it's essentially The tide goes out or essentially the Money stops it dries up for all of these Cryptos and you see who's wearing a Bathing suit when that tide goes out Right so you know who's being shady That's revealed and then who's being Legitimate that survives and they're Going to be the ones that thrive in the

New bull market so so I think that's the Key is that this happens I mean you Could go back to 2008 Lehman Brothers I Mean Lehman made some very poor bets and It it filed for bankruptcy it was kind Of an earth-shattering event back in 08 The markets took about 6 six months from There to bottom so that kind of gauges Me where I'm saying okay I think with Five or six months out from the FTX Collapse you likely reach a bottom in Crypto now whether that's twelve Thousand or nine thousand I'm a little Unshaky on that but I do think that's The key and then if we go back to like The.com collapse interestingly enough You had Enron uh and Worldcom right and These were two companies that were doing Very shady things with their accounting And their books and basically Fabricating a lot of stuff very similar To FTX and when the bear Market came There they couldn't hide it anymore and Really I mean heck you could even go Back to Bernie Madoff right Bernie Madoff was continually you know making His investors think they were just Having amazing gains but when the bear Market hit people started to pull their Money out so he couldn't continue the Pyramid scheme essentially so so I think That's kind of where we are but again The positive is I think we're five to Six months out from a good official

Bottom in crypto As we look at the charts essentially What you're saying is this has extended The bear Market a little bit some people Were thinking the FTX collapsed man it Pushed everything to the Forefront we're Getting it out of the way it might Shorten it you think a little extension Yeah I think just you know just again For me I'm a very history I'm a history Buff so I not only just on on world History but also on stock and Market History and asset history and you have To look back at at Lehman Brothers and And in fact Let me show my chart here Because I do think it's worth kind of Taking a look at Um what the kind of play out was on the S P 500 so what I'm going to do quickly Is just scroll all the way back to 2008 And what we're going to see is that when Lehman Brothers announced and we're Almost there here uh see here there we Go so 2008. so September 15th is when Lehman Brothers occurred so it basically Occurred right here and and what we saw Was that initially you flushed and then You had a little bounce and if you Notice Bitcoin is actually staging a Little bit of a bounce the last few days But then what happened was you had this Kind of cascading sell-off that took us Into the March lows and from this date This was March so so basically September

To March is approx ultimately six months And that again makes me think that you Still have some downside because there Is deleveraging that will occur and I Think this is one of the things that a Lot of newer investors don't understand Is that you have companies out there That are involved they had Investments With FTX and now they're distressed and What they're going to have to do is They're going to have to sell off assets To become less stressed and so that's Going to be Bitcoin Holdings ethereum Holdings other coin Holdings and so You're going to have this kind of Multi-month period where there's just Going to be pressure on crypto in General because of the leveraging that Has to go on in the system so I think That's what happened with Lehman Brothers and you saw this kind of Collapse now what's fascinating is when The s p bottomed in March 09 the FED Began quantitative easing now the FED is Not going to do quantitative easing in This scenario but that's okay because There's something else that will Mark The bottom in crypto and that for me is When you get a regulatory framework Which creates transparency right and Again you know know you could argue Whether you think the government will Over regulate or not they probably will Slightly but I think we all have to

Agree at this point you have to have Protections for regular investors where You can't have these scenarios continue To occur Terra Luna you know Celsius now Obviously FTX you need transparency so You need some sort of Regulation so I Think within five or six months that's Going to coordinate with the low in Crypto and once you get that regulatory Framework then big money is going to Come in like crazy I think there's a ton Of big money that still says I wish I Could invest in Bitcoin but I just can't Because it's too risky right I can't Wake up and I'm investing people's money Right I'm I'm I have a hedge fund I'm Investing 100 million dollars in crypto I can't do it if it's there's a risk That it just vanishes tomorrow once you Get regulation and transparency you will See that money come in and the other Thing to point out on that chart of the S P 500 Not only was it a six month time Frame but there was a sense actually a Drop in the s p of about 45 percent from The Lehman Brothers uh you know breaking Collapse story and so what that does to Me is I looked at it and I said okay From FTX what would be a 45 drop in Bitcoin and it's basically around ten Thousand to nine thousand so that gives Me a basis to where I think we could see That ultimate low doesn't mean it's Going to happen but for me it's all

About looking at history and kind of Matching things up Wow so you kind of just said 9 10 11k That I mean you've been saying that for Months now but the FTX collapse uh just Solidifies it could you take it to the Bitcoin charts and essentially show us On chart what you're saying yeah Absolutely all right so let's take a Look here let me show my charts again And so essentially what we have here is You can see that this was the start of Your your FTX collapse we kind of Chopped here we started to break down You held this low which short term is a Positive and we've bounced up the one Little and this is very short-term Analysis right now we'll get into the Longer term what you can see is you're Basically just back to this kind of Downsloping trend line so this is your Short-term resistance now if we get rid Of that line and we go to a larger time Frame what I've been saying is all right So five to six months out bottom on Bitcoin and then ultimately 45 percent Lower well where does that put us well Let's take a look here and see if There's some other technical factors That match for that level and what you Could see is if you go back to 2017 Before the run up the bull market run in Late 2017 and you put a trend line here Then connect it through the bear Market

Lows of 2018 and 19. it the trend line Perfectly matches the coveted lows and Look at where we are we're basically Getting back to about eight thousand now You might say well eight thousand is Lower than Garrett's you know nine Thousand low pivot but if you look this This is an upsloping trend line so in About six months this should be Approaching that 9 000-ish level or so And this trend line would basically be a Retrace to the long-term trend line of Bitcoin going back to really before the 2017 cycle so this gives us another Technical reason why you could easily See a chart you know pull back in Bitcoin down to that level to form that Bottom there's all there's another one Little thing here on the charts take This high Connect it through these highs right Here and look at that trend line it also Comes right there to that same level so So for me it's it's and again you know I Think it's Austin it's one of one of the Important things to really understand is That for me I'm a Trader for 20 years Bitcoin may not get down to nine Thousand and I fully understand that but For me in my in my risk assessment how I Kind of allocate money I have to be Prepared for it to go down that low so What have I done well I've basically Started to accumulate a huddle position

On bitcoin I put 100K in Bitcoin already Uh in this General vicinity and what I've decided to do is every three Thousand down I'll just put another 100K In and I'm just going to be very robotic About that so that if Bitcoin let's say Bitcoin only goes to 12 000 at least I Have some exposure if it starts to rip Higher if it goes down to nine thousand Or let's say hopefully not but six Thousand I'll just continue to dollar Cost average in and I think that's the Way that I want most investors to think About it because it's 2 too hard even For me to pick an exact bottom I mean Like you know that's like a one in a Million thing like yes I called the top At 69 000 but in all fairness I was Calling it at around 65 so I wasn't Exactly dead on but again that's that Same sort of thing that you get close You might not get exact Gareth I really love this perspective uh The links for all your stuff are down Below as well as I want to have you back On later today we're gonna just talk About ethereum price targets for that But just final thoughts for the altcoin Daily artman yeah so for the alkaline Daily Army and again you guys are Awesome out there and I love I love the All coin daily Brothers here I mean you Guys do great great work um but I would Just say this is that we're close to the

Bottom Um don't get discouraged by these big Bearish headlines that come out that's Part of a market that is bottoming so as You get more bearish sentiment out there As people freak out more try to separate Yourself from that emotion and look at The facts is Bitcoin still a viable Investment is the thesis still there the Answer is yes in fact once we get Regulation I truly believe you will have A ton of big money coming in so you just Now are looking and saying okay well how Do I carefully dip my toe in the water As it goes lower where I can withstand Prices like if you're in it 13 000 can You deal with it being at nine thousand Dollars or even three thousand or five Thousand and so you want to allocate Money properly so that you don't get Whipped out if it does go lower than we All think I think that's the key so it's Proper allocation but the thesis is Still there [Music]