Cryptocurrency 10 minutes ago (Dec 16, 2022 04:30AM ET)
© Reuters Gareth Soloway: Regulation Is Key to Triggering Bitcoin’s Next Move Up in 2023
- 20+ year experienced trader Gareth Soloway says that ‘there needs to be rules.’
- Soloway claims regulation will be the key to upward momentum for crypto in 2023.
Gareth Soloway called 2022’s best asset, now he reveals 2023’s best investment
Gareth Soloway, a ‘master trader’ and technical analyst of over 20 years, said to Kitco News that regulation will be the key to triggering Bitcoin’s next move up.
Soloway called for a bear market and a price of $20,000 during the November 2021 Bitcoin peak.
“When you have mom and pop saying ‘hey this is so easy, I can’t believe how much money I’m making’, it’s usually the end of the move” he said.
Regulation Is Coming, and It’s a Good Thing
Soloway is now hopeful for 2023 with his Bitcoin analysis, and it’s because he views regulation as a good thing.
Soloway envisions a decoupling of Bitcoin from traditional finance markets like the NASDAQ.
“Bitcoin is going to start to bottom out, and actually start to turn up in 2023…
That means it has to decouple from risk assets and they key to this is going to be regulation”
Lack of regulation is cited as a key reason for the collapse of FTX, and investor protection is now a priority for regulators worldwide.
“You need transparency…
There has to be rules where they can’t take customer funds and put it in other places” said Soloway.
Soloway thinks these rules will encourage institutional investors to return to Bitcoin and invest. He claims the bull market could start as soon as May 2023.
As it stands, crypto regulation is an uncertainty. However, once clarity is provided, Soloway thinks that crypto prices will rise and investors will regain much-needed confidence in the industry.
On the Flipside
- As 2022 draws to a close, investors and analysts are looking to 2023 for an improvement in market conditions. However, investors should be cautious during what seems to be a worsening macro environment.
Why You Should Care
Gareth Soloway is a respected voice across the financial industry. It’s good to hear that there is hope for upward movements with cryptocurrencies in 2023. Although Soloway does not speak with certainty, investors should prepare for multiple scenarios moving into next year, including positive ones!
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