{"id":2957902,"date":"2023-10-26T16:00:25","date_gmt":"2023-10-26T20:00:25","guid":{"rendered":"https:\/\/platoaistream.com\/plato-data\/analyst-predicts-deeper-pullback-for-bitcoin-if-price-hits-47000\/"},"modified":"2023-10-26T16:00:25","modified_gmt":"2023-10-26T20:00:25","slug":"analyst-predicts-deeper-pullback-for-bitcoin-if-price-hits-47000","status":"publish","type":"station","link":"https:\/\/platoaistream.com\/plato-data\/analyst-predicts-deeper-pullback-for-bitcoin-if-price-hits-47000\/","title":{"rendered":"Analyst Predicts Deeper Pullback for Bitcoin If Price Hits $47,000"},"content":{"rendered":"

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Gareth Soloway, a well-known markets analyst, has offered insights into the recent price action of Bitcoin and its potential future trajectory.<\/p>\n

In a Thursday interview with Kitco News, Soloway discussed the factors influencing Bitcoin\u2019s recent surge, the likelihood of a Bitcoin spot ETF approval<\/a>, and what investors can expect in the near future.<\/p>\n

Notably, Bitcoin has experienced a significant upswing of approximately 30% in the past month. This remarkable rally has been primarily driven by optimism surrounding a potential Bitcoin spot ETF and key regulatory developments, notably involving the SEC\u2019s case against Ripple and the Grayscale legal battle with the agency.<\/p>\n

Soloway pointed out that these factors have been a key driver, pushing the price up by as much as 107% year-to-date. He also highlighted last week\u2019s event when a fake news<\/a> story about the approval of a Bitcoin ETF led to a rapid surge in Bitcoin\u2019s price. However, according to him, this event made it clear that the approval of a spot ETF would have a significant positive impact, leading to short covering and an influx of buyers.<\/p>\n

However, Soloway cautioned that if the spot ETF approval does occur while Bitcoin is trading at its current levels, Bitcoin may surge up to $47,000 before experiencing a \u201csell on the news\u201d scenario, after the news is confirmed.<\/p>\n

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\u201cI would take this high from 2019 and connect it through the bull market lows,<\/em> and there\u2019s this beautiful trend line. You can see how it connects right through these lows perfectly, and that gives us a Target of about $47,000\u2026 [I\u2019m] actually expecting a bigger pullback off that level,\u201d said Soloway.<\/p>\n

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Furthermore, Soloway expressed confidence in the eventual approval of a Bitcoin spot ETF, possibly by late this year or early January 2024. He highlighted the SEC\u2019s string of losses in cases against cryptocurrencies and suggested that approval is likely.<\/p>\n

That said, the pundit further cautioned that Bitcoin\u2019s price could experience significant fluctuations due to external factors, such as a potential economic recession or market turmoil, which might trigger panic selling<\/a> across various asset classes.<\/p>\n

Meanwhile, Soloway also outlined his current trading strategy. He explained that when Bitcoin broke a significant trend line, he entered a long position to ride the uptrend. But as Bitcoin hit resistance around $31,000, he sold half his position. Furthermore, when the price surged to $34,000, he sold the rest and shifted to a short position at $35,175, expecting a pullback to around $31,500. <\/p>\n

Soloway clarified that he\u2019s a swing trader, focusing on smaller market moves. For long-term investors, he suggested accumulating Bitcoin within the current price range. He expressed optimism about Bitcoin potentially surpassing $100,000 in the next three years and aiming even higher.<\/p>\n