Veteran Trader Gareth Soloway Says Bitcoin To Potentially Go Under $12,000

Chief market strategist Soloway has been calling the bitcoin price correctly since its $65,000 top. He called for the price to hit the $20,000 last bull market top support, and now he is expecting bitcoin to break this support and head down to the $12,000 region and lower.

Soloway’s $20k call has made him a bit of an internet celebrity. In a Kitco interview he said he is not a perma-bear though, and just takes his direction from the charts. When he made his famous call, bitcoin was at $65k, and he said that things were quite uncomfortable for him at that time.

Now, the BOJ is seldom operating on ultra-loose monetary policy to spurt the aggregate demand in the economy. The annual inflation rate in the Japanese economy has climbed above its desired levels. However, the core Consumer Price Index (CPI) is significantly lower due to costly fossil fuels and food prices. It would be worth noting the comments over the core CPI by BOJ’s Kuroda and its Co.

On the dollar front, the US dollar index (DXY) is expected to slip below Monday’s low of 104.23 amid a soaring market mood. The FX domain is keeping an eye on the Federal Reserve (Fed) chair Jerome Powell’s testimony. Fed Powell will dictate the likely monetary policy action for July’s policy.

Latest cryptocurrency prices as on June 21, 2022

Bitcoin                    $20,644
Ethereum               $1128
Tether                     $0.999
USD Coin                $1
Cardano                 $0.494
Xrp                          $0.32
Dogecoin               $0.06119
Tron                        $0.06

Cryptocurrency future remains hazy after last week's plunge

Analysts and experts still remain concerned over the cryptocurrency future after the sharp plunge seen last week. These section of assets including bitcoins remain extremely volatile and have seen immense selling pressure following the US federal Reserve move to hike interest rates in the US sharply. In the last few days, questions have arisen on the future of cryptocurrency, including bitcoins.

However, Monday and Tuesday provided a little bit of optimistic price movements. Bank of America had conducted a survey recently of more than 1,000 digital asset users, who indicated that investors are still optimistic about the future of crypto, with 91 per cent of those surveyed saying they will continue buying crypto in the next six months. Reports that Babel Finance, suspended withdrawals and redemption of crypto assets on June 18, also compounded woes. Recently, the company said it has reached an agreement with counterparties on the repayment of some debts to ease short-term liquidity.

Predicting cryptocurrency movement and future hard

The future of cryptocurrency hinges on the acceptability and government support. Both of these at the moment seem to be hard to find. The price movement would also depend, on how the outlook for risky assets pan out. Most of the risky assets on Tuesday, including equities were seen surging after the Dow Futures pointed to higher openings for the US markets. This also led to higher movements in prices of cryptocurrency like Bitcoin, Etherem Cardano, Dodge etc.

(Reporting by AJFX Limited, Editing by Shivangi Jadav)

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