Bitcoin’s Bear and Bull Market Targets Revealed: A Rise Above $100k or Dip Below $30k?
Anjali Belgaumkar1 Oct 20242 min read
Gareth Soloway, Chief Market Strategist of Verified Investing.com, recently explained that Bitcoin has been closely following the equity markets. While there’s a bit of weakness in both, he finds Bitcoin’s decline concerning.
In an interview with David Lin, he said that this should be a time when Bitcoin hits new all-time highs, especially with the stock market also at its peak. However, Bitcoin is showing weakness instead. Despite the larger trend channel being bullish, Gareth said that if the market drops further, Bitcoin could return to the $50,000–$49,000 range, which are key support levels.
Will Bitcoin Dip Below $30k?
If Bitcoin holds these levels, it would be a good buying opportunity. However, if these levels break, he advises stopping out immediately, as the stock market collapse could drive Bitcoin down to the low $30,000s.
Gareth also pointed out that many new retail investors, entering Bitcoin due to the rise of spot ETFs, could panic if the market turns, causing a further decline. A 50% correction is typical in Bitcoin bear markets, so a fall to the low $30,000 range is possible if it enters a bear market.
Is $100k On The Horizon?
The $52,000–$49,000 range is critical support; if Bitcoin breaks below it, there may be no major support until the low $30,000s. Similarly, if Bitcoin breaks above the $69,000–$70,000 range, which he sees as a key resistance level, it could trigger a rapid rise to $100,000 within three to four months as more money flows into the market.
Why Didn’t Bitcoin Hold $70k Levels?
Gareth was asked why Bitcoin didn’t hold its previous all-time high of $70,000 earlier this year. He explained that the shift in market trends is the reason. Instead of tech stocks like Microsoft and Nvidia leading the way, more defensive stocks like Walmart are driving the market now. Bitcoin, being a riskier asset, hasn’t benefited from this, as investors are moving toward safer options. He concluded that Bitcoin’s short-term struggles are due to this shift to safer stocks.
