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After retracing to the upside of $52,000 a few weeks ago, what Gareth Soloway, chief market strategist called a “retrace to the scene of the crime,” Bitcoin slid back down, reaching $43,600 on Monday.
Soloway had previously called the top of $52,000, which was then the neckline of a head and shoulders pattern.
Now, he is calling for a pullback to even lower levels, as low as $18,000 to $20,000 a coin, before a bounce back.
The exception to this would be if Bitcoin tops $65,000, breaking the previous all-time high; only then, would upside momentum be confirmed, Soloway told David Lin, anchor for Kitco News.
0:00 – Bitcoin
12:13 – Stock markets
17:21 – Gold
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