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My New Bitcoin Bottom Price Prediction After FTX Collapse | Gareth Soloway

Read MoreYou look at the.com era and compare what went on there you have to expect a lot of these smaller cryptos to ultimately get flushed out and go to zero again in the.com area we saw the same sort of greed driving the some of these companies that had no reason to go up to you know 100 million dollar valuations or greater go up and they had to be.

Taken out and I think that's exactly what we'll see here in the crypto market for the next three to six months in an interview with the Paul Baron Network Trader Gareth Solway gave his take on where he believes the Bitcoin bottom will be after the FTX collapse for the past few months Solway has been adamant about the Bitcoin price heading.

Lower despite many pundits and analysts saying that the Bitcoin bottom was already in Solway called for Bitcoin to trade between 10 and 13k with the possibility of reaching as low as 7K but with the FTX collapse Solway now believes we are in the last leg down before we bottom in the near future.

Solway broke down his analysis comparing the FTX collapse to that of the Lehman Brothers whose catastrophic collapse during the 2008 crisis caused a 40 downtrend of the S P 500 after news broke of its insolvency the eerily similar technical analysis between Lehman Brothers and FTX has saw the way believing that we can see another 40.

Drop from the current price of Sixteen thousand six hundred eighty one dollars which would have Bitcoin bottom at around nine thousand five hundred dollars the Lehman Brothers collapse took about six months to unfold which if the same timeline occurred for FTX would call for Bitcoin to bottom around April or May of.

2023. according to Solway this timeline aligns perfectly with the bearish economic landscape Brewing as we wait for the full effect of the fed's interest rates to hit the economy but before we listen to Solway if you're new to the channel or not subscribed make sure you subscribe as we put out daily content to keep you updated on the.

Current market and news so so I do think that this down move this breakdown and we had this bearish channel in fact Let me show my chart here so we can kind of gauge that but basically the the writing was on the wall that we were going to head lower and the question is how low are we going to go and you can see this channel here if we if we connect these.

Lows and drag it up to these highs here this was a bearish channel I mean when you have a drop like this in price consolidates without breaking to the upside it inevitably breaks to the downside so to me this is the next move to the downside now what's interesting about this is I do look at it as the beginning of the last move down meaning.

That wherever we bottom out here is likely the bottom in Bitcoin um a couple things and and this is going to what I was talking about in the video that I wanted to reveal is that basically when I look at FTX I see Lehman Brothers and and I haven't heard anyone else drawing this comparison but if you look at the the power that Lehman.

Was in that time as one of the major Banks and where FTX was as one of the major exchanges both of them failing make a lot of sense as being that Catalyst now what's fascinating about this is if we go to the S P 500 right and I'm going to go all the way back here we're going to go all the way back to 2008. bear with me as I get there.

Because it is quite a ways back but if we go all the way back what we can see is that when Lehman Brothers occurred all right this is where it occurred right here you can see that the s p was not at a bottom so it wasn't the bottom but it kind of created that last drop in the markets that brought us to the low of 2009 and so one of the things I was.

Thinking about is okay it took about six months from Lehman Brothers to the low on the S P 500. so in in that thought process if if FTX is the Lehman event of the crypto markets you're looking at about five to six months before we bottom which puts us in April of next year may somewhere June finish right in that vicinity and then if you look at.

The price decline it went from about 1200 and change to the low in 2009 of around 600 and change so 40 to 50 percent decline so then if we map that over to the crypto markets and we go to bitcoin here what's fascinating about this is that you basically take a 50 decline from about eighteen thousand five hundred which was the break point.

And if you zoom out there's a long-term trend line going back to 2017 before the bull market to the 2018 lows of the bear Market to the crypto low and where does that trend line go basically to that 40 50 percent decline so for me I start to put the pieces of the puzzle together and say okay you know this cycle again not quite the same as past Cycles this.

Will be a little bit of a bigger correction which makes sense with the fed and with what's going on with FTX but again you can kind of start to see the similarities developing in this environment versus is what happened in the Lehman Brothers collapse and I do think it's very very similar and remember it's similar because greed and.

Fear are what rules investors right it's not you know there's no fundamentals it's greed and fear fear drives it to the downside greed drives it to the upside to the crazy extremes and so the Lehman collapse created the same type of fear that the FTX one is which is people drawing out their money from exchanges and so forth so it's kind of cool to.

Think about it like that but then that's to me what I'm expecting here I think this is the final drop and I think we'll bottom in the next five six months so to me I think that for Bitcoin that's actually part of the first dip so right now we're technically they haven't announced that we're in a recession I think we probably are but according to.

The fed and government we're not yet so I think this is the first phase what I'm thinking is the first phase is what helps Drive Bitcoin to its low pivot and then I actually believe that the second phase where the economy actually is going to suffer the most will actually be where Bitcoin flips and starts to become a safe haven for assets and the.

Reason it's going to flip is because you're going to start to have a lot of investors looking at the economy getting worse and worse and worse and they're going to start giving up on stocks like apple and Microsoft and these other ones as the does the consumer just runs away and so the question is well where do you put your money at that point and this is.

Going on the assumption that we do have regulation and transparency within that period but I do think that once we get that transparency in the crypto Market smart money billionaires they're going to start moving towards Bitcoin and actually think in that second dip Bitcoin actually outperforms I think that the high on the dollar is at least.

For a while the highest point and I think that we will see bounces I don't know if it's going to be on the PPI number or other things uh the FED I could see jaw boning and trying to keep keep pressure and this is by the way this is another thing that people aren't talking about but the FED doesn't want the stock market to go up and to look at.

This rally they're probably thinking like okay now we have to talk more hawkishly than we were pretending because we can't keep this have the stock market keep rallying the wealth effect makes people obviously spend more money and drives prices up when it's supply and demand so so I think that's the key there is that the FED is going.

To try to keep the lid on the markets and then I think also you'll have to look at at you know the factors involved in these next couple economic statements but I would guess that the dollar is probably at a short or made a short-term Peak bounces yes but I think it's going to head lower and by the way I don't think that that's actually a great thing.

I think right now the Market's been craving a weaker dollar but there will be a point where a weaker dollar is really really bad because it's going to tell us the economy is in Tail Spin there's no doubt there is going to be a chain reaction of issues right I mean when you have when you have these institutions number one the biggest.

Thing for crypto right now is that when you have big institutions that get burned to the tune of billions of dollars that they invested in in FTX they're not going to go invest in more crypto projects until we get regulation and transparency so right away that just shuts off that door to the rest of cryptocurrency and that that's a problem.

Right I mean it's going to stop innovation in the near term it's going to make it so hard to raise any Capital until we get this regulation out there to watch the full interview check out the link in the description what do you think of Garrett's thoughts here do you think Bitcoin will bottom in April or May of 2023 leave a comment if.

You found value in the content hit the like button it only takes a second but it really helps the channel find similar viewers like you if you're new to the channel or not subscribed make sure to hit the Subscribe Button as we put out daily content to keep you up to date on the current market and news thanks for watching and we'll see you in the next.

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