Gareth Soloway: bitcoin will fall to $ 15,000

In a recent analytical report, cryptocurrency strategist Gareth Soloway said that the price of bitcoin BTC $74,574.05 Mezo Wrapped BTC -0.13% Market capitalization $99.22 million VOL. 24 hours $1.16 billion could return to $ 15,000.

The market analyst emphasized that he is most concerned about the bearish outlook on BTC. Such a situation could arise if there is a jump in the S&P market or a reduction in risks in the global industry context.

«I am concerned that bitcoin could start falling again. If there were a 50% drop in the stock market, I would expect bitcoin to test the $ 15,000 level again,» the expert says.

Nevertheless, Soloway is not the only one who sees a downward trend. Recently, Deutsche Bank analysts emphasized bearish sentiment in their report, stating that the main cryptocurrency could fall below $ 20,000 within a year.

Deutsche Bank’s forecast came on the back of a survey on sentiment in the retail crypto market, which was attended by 2000 people living in the US, UK, and the Eurozone. Thus, out of 2000 people, more than a third of respondents believe that BTC will reach a price below $ 20,000.

Despite such bearish forecasts, there are those who are choosing a strategy of accumulating BTC right now, in anticipation of a bright future for the cryptocurrency. Indeed, the aforementioned «bitcoin whales» have increased their BTC holdings by a whopping 76,000 units since the beginning of the year, equivalent to about $ 3 billion.

This accumulation is a sign of optimism about the price of bitcoin, especially given that a halving is expected next April. Historically, a halving of miner rewards has consistently led to a bullish future for the bitcoin price.