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▲ Bitcoin (BTC), Artificial Intelligence (AI)/ChatGPT generated image
Verified Investing chose Bitcoin (BTC) over AI-related stocks as a short-term investment, giving cryptocurrencies a higher expected return over the next few months.
Gareth Soloway, Chief Marketing Strategist at Verified Investing, analyzed in an interview with Paul Barron, host of the crypto-focused YouTube channel Paul Barron Network, on August 14 (local time) that Bitcoin has broken through its long-term downtrend line that started from its all-time high. He presented the first target as $71,000-$72,000. He explained that if it surpasses this range, the all-time high of $77,000 would be the next hurdle. However, he emphasized that an immediate surge of 20-30% should not be expected.
He also chose Bitcoin when compared to the S&P 500. Soloway projected the S&P 500's year-end target at approximately 8,200, anticipating about a 6% increase. Bitcoin, based on this trendline breakout, could rise by 10-20%. He stated, “At this point, I would choose Bitcoin.” The video also presented figures showing that the S&P 500 rose by 5% in the previous 90 days, while Bitcoin fell by 20%.
For XRP, the passage of the US cryptocurrency market structure bill was identified as a key variable. Soloway assessed XRP's quick recovery after dipping below $1 as a potential short-term bottom signal. He saw strong support around $0.96-$0.97. He suggested that if the bill passes in September or early October, XRP could rise by 50-100%. The first major resistance level is approximately $1.55. Conversely, if the bill is effectively completely thwarted, approximately $0.70 could be the next major support zone, he analyzed.
He also evaluated that bullish signals appeared for Ethereum (ETH) and Solana (SOL). He explained that Ethereum broke through an inverse head and shoulders pattern and is reconfirming the neckline. If it holds $1,775-$1,780, the bullish structure will be maintained, and the short-term target is $2,150. Solana was noted for making higher lows even during the period when Bitcoin was making lower lows. He predicted that if a cup and handle pattern is completed, $100 could be the technical target.
Soloway did not consider the long-term cycle bottom for cryptocurrencies to be confirmed. However, he believed that “someone is quietly buying” Bitcoin, Ethereum, Solana, and XRP. While acknowledging the long-term growth potential of the AI industry, he thought that the expansion of memory and storage production facilities could pressure the margins of related companies over the next few years. He stated, “In the coming months, the rewards will be in cryptocurrencies,” indicating his short-term preference for cryptocurrencies over AI-related stocks.
[Article Key Summary]
-Gareth Soloway stated that Bitcoin broke through its long-term downtrend line and set $71,000-$72,000 as the first target.
-He analyzed that XRP has a 50-100% chance of rising if the US cryptocurrency market structure bill passes, and bullish structures have also appeared in Ethereum and Solana.
-Soloway highly rated the short-term expected returns of cryptocurrencies over AI-related stocks and expressed a preference for cryptocurrencies in the coming months.
*Disclaimer: This article is for investment reference only, and we are not responsible for investment losses based on it. The content should be interpreted for informational purposes only.*
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