Chief market strategist at InTheMoneyStocks.com Gareth Soloway is one of those who have compared the current crypto market with the dot-com era, expecting it to go through the same kind of washout the DotCom companies had. The market is following a similar pattern that the DotCom era companies did and is due to go through the “washout”, just like those companies had experienced back in the late 1990s, the expert trader said in an interview with Heresy Financial on March 23. Although the most popular cryptocurrencies, including Bitcoin (BTC), have been experiencing upward movements in the past few days, Soloway warned viewers to look at the bigger picture: He explained that this pattern was demonstrated by “the big move from $69,000 down to $33,000 and then just consolidating roughly in the band between $40,000 and $47,000.”
The strongest crypto to emerge even stronger?
Despite the bear flag pattern, he expressed optimism in the long run for the crypto’s strongest players. Answering the host’s question about his vision of Bitcoin in the future, he said that: After the “do-not-lose-hope” period, the strongest of the dot-com era companies started taking a sharp upward turn, which is what he believes might happen to Bitcoin, as well. As Finbold reported, Soloway had expressed these views before, affirming them time and again, as he did in the recent interview.
Bitcoin price analysis
By press time, the price of Bitcoin was $42,213, recording a 4.57% increase from seven days before when it traded at $40,370. Over the last 24 hours, the popular cryptocurrency had recorded a slight reduction in price, trading 1.37% lower compared to the day before, according to CoinMarketCap data.
