Bitcoin’s Impressive Year-to-Date Surge Sparks Questions About Its Future
Year-to-date, BTC, the dominant digital currency by market cap, has experienced substantial growth, sparking interest in its sustained momentum.
In a recent interview, Gareth Soloway, the head market strategist at inthemoneystocks.com, explored the longevity of this upward trend. Soloway also discussed the upcoming U.S. Federal Reserve meeting and the notable surge in 10-year treasury yields, reaching levels not seen in 16 years.
On a Thursday marked by a downturn in U.S. equities, precious metals and crypto markets exhibited resilience. Soloway engaged in a comprehensive discussion on the U.S. and global economies with Michelle Makori, the anchor and editor-in-chief at Kitco News. During the conversation, Soloway identified the Federal Reserve as the current focal point, speculating on potential interest rate adjustments. He emphasized the significance of 10-year treasury yields surpassing 5%, considering it a crucial factor in market psychology. Soloway also entertained the possibility of a recession by the year’s fourth quarter, pointing out varying consumer confidence across income groups.
Shifting focus to BTC, Soloway speculated about the approval of a spot Bitcoin exchange-traded fund (ETF), cautioning that it might trigger a significant sell-off. He raised questions about Bitcoin’s resilience in the face of potential market downturns and expressed concerns about investor panic. Looking ahead, Soloway envisioned increased demand for Bitcoin, particularly if stock markets encounter turbulence. While Soloway remained cautious, he also expressed optimism about the potential for gold to surge by the close of this year or in 2024, projecting a price range of $2,400 to $2,500.
Clever Robot News Desk 30th October 2023
