“Bitcoin is having trouble breaking above the $30,000 level. It is still in a bear market,” says Gareth Soloway, president and CFO of InTheMoneyStocks.com. “Until it gets above that level and holds, we will continue to see a run-of-the-mill bear market rally for bitcoin,” he tells Daniela Cambone. “The banking crisis is exactly why bitcoin was created, and why we need it, but you can’t get too excited until the technical wall is broken for the crypto,” Soloway continues. “NVIDIA was [the] best performer on the equity side in the first quarter of 2023, with a lot of additional upside on this stock, but be careful because it’s run too far and too fast, where chip stocks are cyclical,” he argues. “We are going to see a second-half recession, and chip stocks will experience a downturn from it,” Soloway predicts. “The S&P 500 has gone nowhere for a long time and that’s a bad thing… it tells you institutional money is selling into it and we will have a second leg down for the index,” he says. “We will head down to pre-COVID high, and worst-case scenario would be about a 25% drop from here,” Soloway continues. “Investors realize we are definitely going into a recession and inflation sticking around 3% is scary for the market. There will be a big sell-off when that realization happens fully,” he continues. “We’ve been waiting a long time for gold to have its moment… it might soon be here based on the technicals,” Soloway says. “Inflation coming down and gold going up is best-case scenario for the miners,” he articulates. “If the Fed starts cutting, then I would be scared out of my mind and make me want to buy gold and bitcoin for the long term,” Soloway concludes.
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