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(Kitoko News) – BitcoinAccording to Gareth Soloway, chief market strategist at InTheMoneyStocks.com, it’s currently trading at around $20,000.
Initial support is $12,000 to $13,000, he explained. “And from under $10,000, I’m afraid he’ll be $8,000, or worst case he’ll be $3,500.”
He also stressed that a recession is coming and the stock market will not do well.
“The problem is that consumers will run out of their savings by the middle of next year,” he said. “If they run out of money and the Fed just adds to it, the economy will be on the edge of a cliff.”
Soloway spoke with Kitco News anchor and producer David Lin at the Future Blockchain Summit in Dubai.
stock market
Solway said blue chip stocks such as Apple and Tesla will fall further, and the stock market won’t recover for at least a decade.
I truly believe that the stock market will not hit all-time highs in 10 years. It will affect me.
Apple is currently trading at nearly $142 per share, down 20% in a year. The Nasdaq is down 32% year-to-date.
Soloway suggested that consumer essentials could do well during the upcoming recession.
“We’re entering a difficult period for tech stocks to grow, so we need to look at these necessities that people need,” he said. “One of my favorites is he’s GSK. [GlaxoSmithKline]Now GlaxoSmithKline is bankrupt, but it’s making big profits… so look for pharmaceuticals.
federal policy
US headline inflation was 8.3% in September. In response to high inflation, the Fed has hiked interest rates by 300 basis points in his one-year period, and more hikes are expected at its November meeting.
However, Soloway said the Fed would eventually reverse course and delay the tightening or even reverse it altogether.
“my [definition of a] The pivot is where the Fed goes from 75bps to 50bps,” he explained.
Watch the video above for Soloway’s stock selection and gold predictions.
Follow David Lin on Twitter. @davidlin_TV
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Disclaimer: The views expressed in this article are those of the author and may not reflect the views of the author Kikko Metals Co., Ltd. The author has made every effort to ensure the accuracy of the information provided. However, neither Kitco Metals Inc. nor the authors can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation of an exchange of commodities, securities or other financial instruments. Kitco Metals Inc. and the authors of this article accept no liability for loss and/or damage resulting from the use of this publication.
