Gareth Soloway, a veteran trader, recently shared his insights on the current state of the cryptocurrency market and the stock market with Altcoin Daily. The interview covered Soloway’s predictions for Bitcoin, Ethereum, and the stock market amidst the current financial turmoil.
Bullish on Bitcoin and Ethereum
Soloway is optimistic about the future of Bitcoin and Ethereum, as both cryptocurrencies continue to see a surge in their values. According to Soloway, this surge indicates that there is a growing trust in these currencies, resulting in increased investments in the financial system.
Exit from the Fiat System
The recent financial turmoil has led investors to seek alternative investment options, with cryptocurrencies being popular. Soloway believes that the decision to exit the fiat system is conscious by investors seeking a more stable investment option.
Federal Reserve Meeting
The Federal Reserve meeting is expected to result in a 25 basis point hike, which Soloway believes will save face for the Fed. He predicts that after the hike, investors will turn towards cryptocurrencies even more, resulting in a further increase in their prices.
Recession Imminent
Soloway predicts that the stock market is headed for a recession due to the current financial turmoil. The recession will lead to decreased spending and earnings per share for stocks, resulting in a substantial decline in valuations in the next 12 months.
Crypto Market Predictions
Soloway predicts that Bitcoin will reach $100,000 by the end of 2022, and Ethereum will reach $10,000 by the end of this year. He believes that Ethereum’s potential to outperform Bitcoin lies in its applications in decentralized finance (DeFi), non-fungible tokens (NFTs), and other areas.
At press time, BTC was worth $28,428 and Ethereum was worth $1,793.
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