BTC Price Forecast: Bitcoin to Hit the $20K Levels This Year, Predicts Gareth Soloway

Market strategist Gareth Soloway of InTheMoneyStocks.com has highlighted upcoming events that could significantly impact Bitcoin’s price trajectory in the coming months. Notably, the potential approval of a Bitcoin Exchange Traded Fund (ETF) based on the spot market has garnered attention, generating speculation within the crypto community.

Soloway’s perspective is that the approval of a traditional Bitcoin ETF could trigger an immediate surge in its value. He predicts that upon approval, Bitcoin’s price could experience a rapid increase of approximately 10% within mere minutes. This surge, according to him, would be driven by a rush of investors looking to capitalize on the opportunity to invest in Bitcoin. Furthermore, it might prompt those who were bearish on Bitcoin’s prospects to reconsider their stance and join the buying spree.

Recent Developments and Market Response

In a recent interview on The David Lin Report, Soloway emphasized the significance of this potential development. He highlighted that while the ARK Invest spot ETF faced a delay rather than rejection, the impact on Bitcoin’s value was minimal, with only a slight dip following the news.

Soloway, who has shifted from a negative to a positive stance on Bitcoin, believes that an SEC-approved Bitcoin ETF could mark the onset of a substantial positive trend. He envisions a broad spectrum of investors, including institutional players and individuals previously uninvolved in Bitcoin, pouring capital into the market. This influx of investment could be particularly catalyzed by the accessibility of an ETF.

Price Predictions and Market Outlook

Looking ahead, Soloway predicts a temporary dip in Bitcoin’s value to around $20,000 before a subsequent rise, attributing this movement to increased adoption and utilization.

He also noted the rarity of scenarios where Bitcoin’s halving aligns with an aggressive and tight approach from the Federal Reserve, contrary to the more typical pattern of rate cuts and quantitative easing during halving events.

In sum, Soloway’s insights underscore the potential significance of a Bitcoin ETF’s approval as a catalyst for positive momentum, potentially reshaping the investment landscape for Bitcoin and attracting a diverse range of investors.