Bitcoin and the crypto market remain in a downtrend. Today at 9:00 a.m. ET, the bitcoin price dropped 4.95% to hover at $39,854.95.
Bitcoin continues the negative run following a 313-point drop in the Dow on Thursday (Jan. 20) as well, on the back of stable U.S. Treasury yields.
Gareth Soloway, President, CFO, and Chief Market Strategist at InTheMoneyStocks.com said in an interview with Kitco News, “BTC is likely to hit $17,000, but admits that it could see a slight reversal to $46,000 in the near term. But the status won’t last long.”
However, Soloway believes in the long-term growth of blockchain technologies, which will have a positive impact on Bitcoin. In the long term, Bitcoin will attract more institutions, in addition to the support of individuals such as Tesla CEO Elon Musk and Jack Dorsey.
Soloway also emphasized that Bitcoin could be like a dot-com crisis and that the NFT market is in a “bubble.” However, this will strengthen anew after the bubble has burst.
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Friday, January 21, 2022