‘Atrocious.’
A scary word to describe the future of a market.
Not a word investor wants to hear in the context of the assets they own.
However, this is the exact word used by InTheMoneyStocks.com Chief Market Strategist Gareth Soloway to explain his predictions on what lies ahead for the sotck exchange (and beyond) in the near future, as he sat down with David Lin in a interview for his The David Lin Report broadcast on April 18.
Moreover, Soloway believes that this “excruciating” deletion in actions could overflow into cryptocurrency market. As he says:
“The Federal Reserve just came out recently and said, ‘Hey guys, we’re expecting a slight recession,’ and if you’re like me and you hear the Fed say ‘light’, and (…) ‘transient’ – and we’ve seen what happened – you must be nervous about risk assets at the moment. ‘coming. (…) I think the stock the market is gearing up for a second half that is going to be excruciating, and i guess it’s dragging crypto Also.”
According to Soloway, it’s “one of those scenarios where they’re always trying to water it down because they don’t want to scare the markets and cause a crash, but smart investors have to start preparing for a recession worse than they say. It’s just risk management. (…) In other words, it will probably be a mid-level recession.
$30,500 for Bitcoin to rally
In terms of bullish scenario for the flagship cryptocurrencybitcoin (BTC), Soloway, which is short term bearish but long-term bullish, sees $30,500 as a “huge psychological level” and one “where it will make me think the low is there”, although he remains largely skeptical:
“If we manage to hold over $30,500 for several days, I’m really looking for five to seven days, so for me, you probably have a low Bitcoin in. For the moment, I am not convinced. I still think it’s a bearish rally. I still think there are more shoes to drop in the risk asset market.
Meanwhile, the representative of decentralized finance (Challenge) the asset was changing hands at press time at a price of $29,250, down 2.16% in the past 24 hours and down 3.34% on the week, although it is still holding on to a 3.77% gain on its monthly chart, according to data retrieved by Fineball April 19.
Watch the full video below:
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