After theĀ cryptocurrency marketĀ hadĀ lost $165 billionĀ from its market capitalization in a week, Bitcoin (BTC) dropped below $20,000 and is still struggling to pull itself back above that threshold, leading market analysts to try and predict the maiden assetās future movements.
One of them is Gareth Soloway, the chief market strategist atĀ InTheMoneyStocks.com, who believes that Bitcoin might drop further to a low of $12,000, as he toldĀ Stansberry ResearchāsĀ Daniela Cambone in anĀ interviewĀ aired on September 20.
Moving downward or not?
During the interview, Soloway expressed his view that Bitcoin might drop further than its current price:
āI think Bitcoin still has another leg lower to $12,000 to $13,000.ā
In his opinion, the Bitcoin heading lower has a lot to do with the dollar because āwhen you see the dollar continuing to stay 20+ year highs, and it continues to grind up, it just kills all risk assets. (ā¦) Every uptick in the dollar, youāll see the opposite occurring in the Bitcoin chart.ā