“The deleveraging of the overall system will take bitcoin much lower,” says Gareth Soloway, president and CFO of InTheMoneyStocks.com.
The inner-workings of weakness are being shown across the board for cryptocurrencies, Soloway says to our Daniela Cambone on this edition of Outlook 2022: The Tipping Point.
“Bitcoin should see its bottom within 12-14 months,” he says, and will go much lower than its current price over that time. Soloway shares evidence as to where rising coins like Cardano and Solana will land in the near-term amid a prediction he is calling, “a crypto winter,” which will wipe out most smaller digital coin projects.
He touts the technical analysis of precious metals like silver saying, “silver is seeing bullish consolidation pattern,” but cites iffiness on the industrial side. “Equity markets will see a 20% drop this year,” Soloway concludes, where gold will converge with a falling S&P 500.