Bitcoin’s Rally Could be Short-Lived: Expert Predicts Significant Drop in Value
According to Gareth Soloway, the Chief Market Strategist of InTheMoneyStocks.com, Bitcoin (BTC) is predicted to experience a drop in value below $13,000 before another rally, despite gaining over 70% this year and currently trading at around $28,400.
This prediction comes amidst recent bank failures in the United States, such as Silvergate Bank, Silicon Valley Bank, Signature Bank, and UBS’s acquisition of Credit Suisse.
Soloway suggests that investors are pulling their funds from banks and investing in Bitcoin, contributing to its recent rally, but as the financial system stabilizes, Bitcoin’s value will decrease, potentially reaching as low as $9,000 in 2023.
Soloway also highlights that in the past, Bitcoin’s value has moved in sync with the stock market during periods of economic recession.
However, he maintains a positive long-term outlook on Bitcoin’s potential for growth, despite his current short-term pessimism. Soloway believes that Bitcoin will eventually recover and continue on its growth trajectory.
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He correctly predicted the Bitcoin bottom in 2021 and has two decades of professional trading experience, making him a respected voice in the industry.
He suggests that the ongoing banking crisis and potential stock market sell-off will cause Bitcoin’s value to initially drop, but it will eventually recover and continue its long-term growth trajectory.
Alexander Stefanov
Reporter at CoinsPress
Alex is Editor-in-Chief of Coinspress and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets - crypto first, then everything else. It started in 2016 with Bitcoin. Like most people at the time, he didn't fully understand it - so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can't properly understand one without the other. What drives him is straightforward: he wants to know why something is happening, not just that it's happening. Most market coverage stops at the headline - price up, price down, here's a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn? He holds a degree in Tourism from New Bulgarian University - not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That's probably why he hasn't stopped.
