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"Get Ready" | Gareth Soloway Latest Bitcoin Price Prediction - YouTube
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I mean this is a worst case scenario but
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Bitcoin could be headed down sub 10 000
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in that scenario
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[Music]
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Gareth soloway is the president and
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cfo'd chief Market strategist at in the
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moneystocks.com he is also a very
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popular and expert crypto and Bitcoin
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Trader in this interview he talks about
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the charts important supports and
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resistances of the crypto and Bitcoin
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Market
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Steve one of the things I do want to
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point out now you might hear me saying
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oh I'm long but at the same time that's
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a very short-term trade I do want to
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send a warning sign in the near term or
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over the next few months because this
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bigger pattern is what's known in
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technical analysis as a bare flag so you
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have this big drop from 69 000 down to
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thirty three thousand and then basically
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this choppy sideways consolidation is
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all is known in the technical analysis
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world as bearish consolidation and the
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key to remember here is that if you
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looked at a thousand of these charts you
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would see a majority probably in the 70
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to 80 percent range a majority of them
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break to the downside all right so again
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we're just looking you know technical
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analysis is basically probabilities
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right so it's never going to be a
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hundred percent and I always hear people
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saying oh well this was wrong this once
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or this and of course you're going to
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have that but it's a way for you to
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become the casino house versus The
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Gambler right so if you go into a casino
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know and Steve I don't know if you
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gamble ever but but you go in you know
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maybe once in a while you walk away with
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more money than you went in with but in
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general a thousand people go into that
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casino the casino's making money and
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that's what you want to be as a Trader
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you want to be the person that generally
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always is making money eight out of ten
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times nine out of seven out of ten times
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so at least in terms of the overall
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midterm view you have to think Bitcoin
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has further downside here even with my
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short-term quick trades alongside I
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think the best thing to understand is
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remember that it's a vehicle and that's
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it it's a it's an entity for you to make
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money for you and your family and if you
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remember that then you think much
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clearer about it you don't want to fall
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in love with anything and I always say
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this this kind of revolves more around
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Tesla because of Elon Musk but people
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are just so into him and he's he's a
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genius but at the same time you know
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when people are ready to give their
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firstborn to Tesla to invest in it
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remember that when when the board of
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directors is sitting around the table
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with Elon Musk not saying you know that
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John Smith we're going to make sure we
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do everything right for him because he
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really believes in us they're going to
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do what's right for the company and
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what's right for them so in turn you
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need to do what's right for you and your
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company which is your family and I think
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that's a very very important thing to
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remember yeah so so the number one thing
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I would start out with is get educated
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right so so one of the things that I
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found and I and I'm I literally improve
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positive of this is that if you try to
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learn via trading it's going to cost you
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a lot more money than if you learn by
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taking some courses and learning by
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reading books and yeah you're the same
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way I know you and I have a lot in
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common in that respect so so like I
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probably paid a couple hundred thousand
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dollars when I had very little money in
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my early career over the course of years
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as I learned my lessons the hard way
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versus if you get educated I mean you
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can get some Great Courses out there for
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under 10 000 and really learn a lot so
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so that's number one number two is you
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have to say to yourself if I'm gonna try
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trade the ranges do I know enough am I
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not going to get swayed by emotion if
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you're going to get swayed by emotion
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just stay away what I do is I do a risk
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analysis and I say to myself okay what's
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the macro pattern macro means big so the
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big pattern is bearish right so in
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general it's a matter of time before we
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go lower so you don't want to say okay
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well right at this level I'm going to
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put 100 of my portfolio in Bitcoin
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hoping for a two thousand dollar bounce
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when I could it could drop five or ten
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thousand dollars on me so literally what
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I did and this is this is in my service
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is we bought four percent of our
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portfolio in Bitcoin right here we're up
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a little we're about up fifteen hundred
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dollars per coin at this point and
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that's all I did you know there's no
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reason why you have to try to make a
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million dollars off twenty thousand
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dollars overnight it's slow and steady
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wins the race I mean I think that's one
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of the biggest issues that newer
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investors have is that they're so
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focused on becoming really wealthy so
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fast that they make mistakes and then
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they end up paying the price for it and
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I always say the best the best example
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of this to do is take a calculator and
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punch in twenty thousand dollars and
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then compound twenty percent per year of
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that money so 20 then 20 and what you'll
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notice is in like 10 years you have you
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have like over half a million dollars
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off of that twenty thousand now take it
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from the other perspective of being a
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cowboy and say okay twenty thousand
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dollars I'm gonna make a hundred percent
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this year but then I'm gonna lose fifty
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percent of next year because being a
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cowboy you're gonna have your big losses
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and what you'll notice is after 10 years
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that's still twenty thousand dollars and
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so again you slow and steady wins the
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race run the marathon not the Sprint
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right so one of the things that bothers
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me about the crypto chart is that it's
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this pattern is identical to Amazon's
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and we all know Amazon I'm sure we use
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Amazon
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um it's the same chart pattern that
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Amazon had in the 2000 period before
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the.com collapse and the similarities
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with the dot-coms as I mentioned earlier
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and there's there's crazy similarities
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number one the the the the the crypto
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blockchain people talk about it it's
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going to change the world they use that
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terminology all the time it's a
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revolutionary thing right and I agree
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with that but they also said that about
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the dot-coms and by the way they were
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right about.com as well about the
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internet but the problem is is that you
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still need these washout periods and
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when you have meme coins and these joke
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coins and they get billion dollar
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valuations That's not healthy so if you
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look at this m pattern what I want to do
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now is quickly go back and show you guys
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what Amazon looked like back in
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thousand so we're going to flip over to
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the weekly so I can get back there real
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quick and we're going to go all the way
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back and here's your Amazon chart in
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2000 basically 99 to 2000 you see that
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same sort of M top pattern so my fear
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here is that Bitcoin is telling you the
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pattern formation and patterns in
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history are amazing to predict the
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future is that you may be coming into
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this kind of washout phase where you
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have to wash out a lot of the kind of
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the crap coins and you kind of the best
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Will Survive and what I love to show
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people is that yes you may get a washout
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and by the way Amazon went from 112
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dollars down to six dollars so if you
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map that out to bitcoin I mean this is a
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worst case scenario but Bitcoin could be
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headed down sub 10 000 in that scenario
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now my Target right now is 20 000 or
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just a little bit less but just be aware
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that if it does repeat this kind of
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formation then you have a lot of fear
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and downside to go before you wash out
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but the beautiful thing about this is
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that if we if we go back so now this is
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Amazon in 99 2000 and I want to zoom out
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and I want to show you what it looks
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like if you go back if you go to today
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all right here it is so this is the this
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is the bull case long term of why you
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know if you're just going by charts here
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is your m-top pattern on Amazon back
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when it collapsed now think about if the
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M top if this was a Bitcoin 20 years ago
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let's or or you know now but in 20 years
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where is Bitcoin trading at 3 600 six
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dollars to thirty six hundred so so I
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guess my point is is that yes I'm
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midterm bearish this midterm period
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let's say for the next six months or so
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give or take but longer term I think
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there's a huge space for Bitcoin to be
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that digital gold and I'm insanely
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bullish and I'm mocking up in the same
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chart as the.com era Amazon
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yeah so so that's a good question and
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and basically for me my crypto account
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is approximately 10 of my stock swing
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trade account now a lot of you guys out
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there that are watching this you
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probably don't trade stocks that's okay
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but the way I look at it is based on
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volatility so when Bitcoin which is like
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the apple of of crypto when that can
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swing 80 I have to kind of be aware of
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that for myself and maybe not invest
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quite as much and I also don't like the
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fact that with crypto when I go to sleep
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something could happen and I'm sleeping
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and I can't react at least with the
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stock market there's defined hours where
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I'm up and I'm watching so so you have
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to factor that in now in terms of
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increasing as my overall net worth
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increases I do increase I usually do it
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quarterly so I'll up my amount in my
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crypto account and I'll kind of do a
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rebalancing um quarterly For Me Maybe
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year end in certain situations but
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generally quarterly thank you for
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watching the interview highlights of
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Gareth Solway if you enjoy this
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highlight video please kindly subscribe
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thank you
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