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<p>The post <a href="https://coinpedia.org/news/is-a-bullish-turn-on-the-horizon-for-bitcoin-and-altcoins-gareth-soloways-pre-election-prediction/">Is Bullish Trend on Horizon for Bitcoin and Altcoins? Gareth Soloway’s Pre-Election Prediction</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>Over the past week, the crypto market has experienced notable price swings due to heightened volatility. Major cryptocurrencies are struggling to maintain their value above key support levels. Bitcoin saw a 3.61% correction, while ETH and XRP faced even larger declines of 6.61% and 4.96%, respectively, signaling a prevailing bearish sentiment. Amidst this uncertainty, the question arises: will the industry see a bullish resurgence in the coming week amidst ongoing price fluctuations?&nbsp;</p> 
<p>Expert trader Gareth Soloway addressed <a href="https://coinpedia.org/price-analysis/bitcoins-bull-run-coming-top-analyst-predicts-76k-target-amid-falling-wedge-formation/" target="_blank" rel="noreferrer noopener">Bitcoin price</a> projections in an Altcoin Daily interview. Gareth predicted rises in traditional markets and Bitcoin until the presidential election owing to interest rate cuts. He detailed the worst-case scenarios and why BTC won’t sink to $12K again.</p> 
<p>We are excited to know the next step in the <a href="https://coinpedia.org/price-prediction/bitcoin-price-prediction/" target="_blank" rel="noreferrer noopener">BTC price</a> movement, Are you?</p> 
<h2 class="wp-block-heading" id="h-exploring-the-worst-case-scenarios"><strong>Exploring the worst-case scenarios</strong></h2> 
<p>This year, Soloway was surprised by Bitcoin’s performance because it is associated with the stock market as a risky asset. He expects that to change, but not soon. He suggests the worst-case scenario, Firstly, he said that if the stock market experiences a severe downturn, similar to the 2008–2009 Great Recession, it could lead to panic selling across financial markets, including cryptocurrencies like Bitcoin.&nbsp;</p> 
<p>In such a scenario, Bitcoin’s price might see a significant decline. Soloway also highlights the importance of key price levels, particularly focusing on $30,000 for Bitcoin. Breaking below this level could indicate a shift toward bearish sentiment, potentially leading to further price drops.</p> 
<p>He also mentioned the second worst-case scenario for Bitcoin, suggesting that if it breaks below $56,000, it could experience a significant drop. Soloway analyzed Bitcoin’s recent price movements, noting a “sideways channel” formation after it reached $75,000. </p> 
<p>He sees this pattern as bullish, suggesting Bitcoin is consolidating with potential for an upward breakout. Soloway highlighted $74,000 as a crucial level; if Bitcoin breaks above this, it could spark a significant rally, potentially pushing its price to $100,000 in the next six to twelve months.</p> 
<p>Hence it is important to watch key technical levels, such as $69,000 and $56,000, to analyze Bitcoin’s near-term direction.&nbsp;</p> 
<h2 class="wp-block-heading" id="h-addressing-the-12-000-potential"><strong>Addressing the $12,000 potential</strong></h2> 
<p>He also addressed the possibility of Bitcoin reaching $12,000 this cycle, indicating that while it’s unlikely, extreme market conditions could lead to such a scenario. He explains that since Bitcoin went past $30,000, even if something major happened in the economy, like a big stock market crash similar to 2008, Bitcoin dropping to $12,000 is still doubtful. </p> 
<p>He sees $30,000 as a really important level in Bitcoin’s price, marking a shift from a down market to an up market. So, returning to $12,000 seems unlikely based on today’s conditions.</p> 
<p>Also Check Out: <a href="https://coinpedia.org/price-analysis/chatgpt-predicts-bitcoin-price-when-will-btc-price-initiate-bull-run/">ChatGPT Predicts Bitcoin Price : When Will BTC Price Initiate Bull Run?</a></p> 
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Is Bullish Trend on Horizon for Bitcoin and Altcoins? Gareth Soloway’s Pre-Election Prediction

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