With Bitcoin experiencing high volatility in 2022, Gareth Soloway, the chief market strategist at InTheMoneyStocks.com, has suggested that the asset’s price movement faces a bleak near-term future.
Speaking to Yahoo Live, Soloway, who is also a technical analyst, stated that although Bitcoin has a bullish future outlook, the charts point to a massive correction of up to $20,000 either in early 2022 or 2023. In this line, Soloway projected that the cryptocurrency sector might experience ‘a dot-com moment’ soon.
“Long term, I love cryptocurrency, I love Bitcoin. But the charts — and I’m a technician — are just not showing that. <…> Bitcoin, for me, has a nasty head-and-shoulders pattern on it. Believe it or not, in early 2022 or early 2023, you could see a move down sub-$20,000 in Bitcoin. <…> Bitcoin and cryptocurrency are going to see their dot-com moment over the next year or two,” Soloway said.