A BTC market analysis was shared by 25-year trading veteran Gareth Soloway, who detailed his journey in trading since 1999. This was covered by Altcoin Daily in a YouTube video.
The veteran analyst began his career during the dot-com bubble, initially experimenting with paper trading accounts before transitioning to real trading.
Despite early setbacks that required him to work multiple jobs to maintain his trading account, Soloway eventually mastered chart analysis, which he considers crucial for predicting market movements.
What you'll learn 👉
Market Sentiment Influence and BTC Price Prediction
Soloway emphasizes that crypto markets are heavily influenced by sentiment, particularly due to the high participation of retail investors compared to traditional markets. The analyst points to recent dramatic price movements in cryptocurrencies like XLM and Cardano, suggesting these extreme fluctuations often signal the end of market moves rather than the beginning.
In his technical analysis, Soloway identifies a parallel channel pattern dating back to the 2017 bull market high. This pattern connects significant market peaks from 2017 and 2021 and suggests a potential path for Bitcoin’s future movements.
The crypto analyst predicts that after a pullback to support levels around $91,000-$92,000, Bitcoin could break through $100,000. This could then cause a spike to $107,000-$108,000, followed by a correction to $74,000-$75,000.
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Potential Path for Ethereum (ETH) Price
Regarding Ethereum, the analyst outlines key resistance levels at $3,700. He suggests that if this threshold is breached, the cryptocurrency could potentially target the $4,100 level. Following this, it could retest its previous all-time highs of $4,800. However, Soloway emphasizes that clearing the $3,500-$3,700 range is crucial for this scenario to unfold.
The crypto veteran’s analysis combines technical patterns with market psychology, particularly noting how recent market behavior near the $99,000 level has influenced trader sentiment and position-taking.
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