Gareth Soloway’s LATEST Bitcoin Price Prediction (wild.)

GTH when do you see Bitcoin surpassing Alltime highs again and how high could We go this cycle today I interview Expert Trader Gareth Salway it's and That's such an interesting question Because to get his outlook for the stock Market and the Bitcoin price in 2024 do You generally see traditional markets Rallying up until the presidential Election Gareth also shares his worst Case scenario for Bitcoin you do have The one scenario that that is kind of my Black Swan event for Bitcoin how low Could Bitcoin go well if we break below This 56,000 line here and watch today's Whole interview as I ask Gareth the big Question is 12K on the table this cycle Hit the like button if you appreciate These conversations and let's start Gareth with your outlook for traditional Markets today so so what we've seen Lately and this is this is really kind Of even crossing over into the Federal Reserve because of what it's kind of Getting into but basically we had this Dip which was about an 8% % dip on I Think it was on the NASDAQ about a five And change percent dip on the S&P 500 And all of a sudden we started to get Weaker economic data now the common Thought process would be oh my goodness The econom is going south Less jobs you Know more problems for the economy the Markets would go down but instead the

Markets love to Rejoice over this right Now because interest rates come down and The odds of a Fed rate cut and multiple Cuts go up and so the market is so Addicted at this point to printing money And cheap money that it literally will Go up and buy the people will buy stocks And drive the markets higher when when Things get bad now there will be a pivot Point let's be fair at a certain point When things get so bad the markets are Going to freak out because they'll think The Federal Reserve is not on point They're that they're behind the Eightball if you will or or lagging and At that point the stock market will drop But right now we've had we've had a very Nice move back S&P is basically within 1% of its all-time highs do you Generally see traditional markets Rallying up until until the presidential Election and then it's then it Reevaluate from there or what's your Yearlong take it's and that's such an Interesting question because you know if We continue to Rally in traditional Markets it's going to keep inflation High you know there's there's the idea That that there's a wealth effect when When everyone looks at their 401K Everyone feels richer they say oh I can Go out to this fancy restaurant I can Buy this new TV I can buy this and it More demand for goods then obviously

Drives prices of goods higher based on Supply demand so it is tricky because I Think Biden has this this kind of messy Scenario where he doesn't want the stock Market to crash but at the same time if It goes higher then inflation is higher And then people aren't going to like That either so in a weird way I'm kind Of in this camp where we could see Sideways markets and maybe a little Downside but I don't expect before the Election so much downside that it would Jeopardize his his chances of of of Reelection um but certainly I mean the Inflation side of things has been ugly And and just the fact that it's starting To move up again is is kind of scary Frankly And if slash when the FED does cut rates What does that mean for Bitcoin so ultimately cheaper money is Good for Bitcoin right I mean it's it's Going to drive it up most likely I think I think you do have the one scenario That that is kind of my Black Swan event For Bitcoin which is that if the stock Market really came down sharply like Let's say we dropped 20 25% in the Markets then I do think that that fear Would would kind of permeate the crypto Industry and we'd see it come down and Let's keep in mind that and I'll share My screen here and we'll take a look we Should also remember that you know a lot

Of people say oh they're not correlated Right but if we look at the S&P and this Is the S&P the S&P topped and made its High over here in basically March and if We go to bitcoin's chart Bitcoin also Made its highs in March so bitcoin's Been kind of going sideways to lower in That period of time and we've also seen The stock market kind of off of its All-time highs pulling back so so that Would be the one case where I would say Oh my goodness we could head back to 50K Maybe even lower but you know taking That out let's just say the stock market Doesn't drop significantly maybe only 5 To 10% off of its highs then I think you Have to rely on this chart of Bitcoin Where you know basically we have this Channel this is what we would refer to As a bullish Channel because it's coming Off of a steep move up essentially What's Happening Here is price is Digesting the recent gains and this is Very normal for Bitcoin and as long as It stays within this lower line of the Channel you would consider this to be Bullish and an eventual breakout Scenario so so as a technician remember You know I don't want to be I'm not all Bullish all the time or all bearish all The time it's more like okay we're in This Channel right now so I remain Neutral to positive on my bias if we Break below it then I have to

Re-evaluate and if we break above it Then it's game on markets Bitcoin Surging to new all-time Highs iith I want to talk about I want To delve into that a little deeper Because I remember around the Bitcoin Having um a couple multiple weeks ago You were saying you think Bitcoin kind Of topped out around at at around $73,000 and Twitter ragged on you for it But you were right retrospectively uh Because you were betting on people Betting on markets rather than an asset Um what is your why did you say why did You call the topac then and and what's Your outlook now yeah so a couple things So so based on chart action is that There there's it's there's an elasticity To a market right and this could be Bitcoin this could be a stock this could Be a commodity it's that at a certain Point when when there's too much upside There becomes too many people on the Bullish side and just naturally markets Tend to you know when you have let's say You have 10 people in a market and all 10 of them go long Bitcoin in that Market there's no one left to buy and so You start to run out of buyers now we Could talk about the spot ETFs but there That was really an earlier factor that Was driving it up going into the having And now you've kind of gotten to a point Where it's more of a mixed bag and I

Think people also have to realize that The spot ETFs yes they're net positive But you still get people that buy Bitcoin through the spot ETFs that will Sell into rallies as well and so you Have those factors kind of coming Together with with the chart just being Overextended and I also was looking at Other factors like other chart Indicators as well that just told me That it was time for this to start to Pull back just a little bit and what we See is around major events like if you Remember the spot ETF we had a pop to Like 49,000 and then it corrected about 20% and so it makes a lot of sense right Around the having we would have a top And then kind of this this void was Created where investors are like okay Well that was a great that was a lot of Hype to the having but it's over where's My next Catalyst and people always want That Catalyst especially in Cryptocurrency and we don't we just Don't have it at this point there's Nothing new in fact we've been seeing More more potential negative regulation People talking some negative stuff and I Think that just puts people on edge as Well especially more of the the stock Market crowd right the stock market Crowd is more older School investors They want an asset that has clear Sailing going forward not something

That's still being quarreled over in the Government unfortunately even though I'm A huge longer term fan so so I think That was a lot of it to do with with What was going on on the charts um and Now we're just in this consolidation Phase which which is actually net Bullish right now isn't I mean Bitcoin Seems to be clear to this cycle Regulatory wise generally speaking it's Ethereum foundation and Unis Swap and All those others are you saying the Traditional Market just kind of lumps Them all together yeah I mean and that Until the traditional markets and and Bitcoiners and crypto people just have To give people that are not into the Markets of crypto a little slack they Just don't understand the nuances quite As much I mean if you go ask some you Know 70-year-old you know could you Explain the difference between Bitcoin And ethereum my guess is they're not Going to be able to do it so so just People have to just give them a little Slack it'll it'll come over time and That'll be fine but right now absolutely It's the the crypto markets are lumped Together as a whole even though even Though specific crypto people know the Difference Gareth when do you see Bitcoin surpassing all-time highs again And how high could we go this cycle So I actually think like if if the stock

Market doesn't correct significantly Like let's say we we just have these These lowball Corrections of five to 10% Then I think later this year you'll make A new all-time high and I actually think If we do take out the $74,000 high we Actually could be looking at a target of Around 100,000 and I'll share my screen In terms of how I come to that Conclusion and so what I want to do here Is on the Bitcoin chart we're going to Remove all our lines and what we're Going to do is we're going to go back to Our 2017 Peak and this is just a simple Trend line what I'm going to put in here But if we take that high and we connect It to the bull market high so we're Basically what we're doing here is we're Connecting bull market High to bull Market high and then if we drag it down And drag that line out what we can see Is amazingly that line happens to Coexist right around that $100,000 level so in in general if we do Break out above 74,000 I think I think It honestly climbs relatively quickly Within a few months to about the 100 5,000 level before kind of stalling out For its next Pullback is it that easy is like the Basic trend line is it that easy um well That's the big question right I you know Oftentimes it's not quite that easy Where it'll try to fool people it'll go

Briefly above 74 then it'll come back Down but in many times you can look at These levels and and again just to just To kind of show you guys something Really cool let's go to the S&P well Let's go to the NASDAQ 100 right so if We take a look at the NASDAQ 100 and we Go back to share your screen if you Would oh I apologize yes thank you so if We go to the NASDAQ 100 which is the top 100 stocks in the NASDAQ and if we go Back to the do high and we take that High and we connect it to the high of 20121 which was also the Bitcoin high And we extend that line out if we look At where we got this latest correction In the NASDAQ it was right at that level As well so again there's no magic sauce In technical analysis all we can do is Try to look at things and like where Would it make sense for resistance to be Um so in that way it would be kind of Following the same trend of using these Other charts and finding these levels Where they've pulled back in in the past And do you see the surpassing all-time Highs in this summer or is a closer to The fall and then cycle top beginning of Next year generally speaking wow that's Definitely putting me on the spot here On this one so so I'm going to put it to You this way and again this is how as a Technician I have to put it um let me Share my screen again and just go over

This so so one of the things that I'm Really following on this chart is this Channel and I had it on the the line Before but we basically what we do is we Just connect these highs we drag a Perfectly parallel line down and so Suffice it to say this is that because We're stuck in this range until we break Out of the range one way or the other This is a range-bound Bitcoin Market it Just it is what it is it's kind of Boring frankly but if we break above the 60 looks like right over here around 69 9,000 level that's when I think within Literally um two to four weeks of Breaking 69 that will be will take out The high so I can't tell you obviously If it's going to you know will we do That in the next you know couple months In the summer or is it going to be later This year but sufficed to say when this Line breaks the the shorts will have to Cover and so you get a lot of short Covering which will be forced buying and Then the new bulls will I mean the Bulls Will just go nuts over that breakout in My opinion especially smart money like The institutional money will be watching This level but just keep in mind on the Reverse side as a technician I have to Look at probabilities both ways what are The risks well if we break below this 56,000 line here then pretty much within I would say within you know could be a

Couple weeks to a month as well we're Probably down to 52,000 and maybe even Touching the spot ETF approval high of Around 49,000 so so again the best thing I could say is just watch the channel And whichever way it breaks that's the Way price will go in the near term Pretty quickly too is 12K on the table This Cycle no I I mean I'd be shocked once we Broke above 30 that 12K was was dead to Be honest I think I think if we were to See let's say we get a a really bad like Great Recession all 2008 2009 I do think That the Panic if we saw let's say 40% 50% sell off in the stock market could Bring us back to 30 but 30 now is like a Massive Line in the Sand that was where I was really watching back ways where if Once we got above that it's like all Right you know bare Market over bull Market starts um so that 30k now becomes A master major level Gareth I love your Perspective I want to have you back in Two three months revisit some of these Charts but final thoughts for the Altcoin daily Army oh man so altcoin Daily Army first of all you guys rock You follow some of the greatest Minds Here uh with these two gentlemen and and I would just say that you know just be Ready for the unexpected with with the Elections coming up there's a lot of Geopolitical stuff the econom is be

Beginning to turn so again don't be Don't be shaking out there could be some Deep down moves but stick with your Long-term thesis as long as your Long-term thesis is what it is and it Doesn't fail then Bitcoin on dips should Be a buying opportunity


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