Top traders predict Bitcoin may fall to $73,000, while gold may first drop to $3,500 before rising to $5,000 next year.

PANews reported on November 20th that Gareth Soloway, a veteran Wall Street trader with 27 years of experience, warned on a program that the current market valuation, driven by the AI concept, has severely overdrawn future potential, and the market may face a 10%-15% correction, which is just the beginning. He pointed out that AI-related stocks accounted for 75% of the S&P 500's gains over the past two years, but valuations have already factored in the gains for the next five years, posing significant risks.

He stated that Bitcoin's recent underperformance is due to factors including reduced volatility, decreased institutional buying, and a trend towards risk aversion. He anticipates Bitcoin may fall to the $73,000-$75,000 range in the short term, or even lower, but plans to gradually buy within this range to build a long-term position. Regarding the altcoin market, Gareth is cautious and predicts Ethereum may fall further to the $2,800-$2,700 range, a key support level. He emphasized that Bitcoin, as "digital gold," still has the potential to outperform the stock market in the long term, but the current market needs to be wary of adjustment pressures on risk assets. Gold, on the other hand, may see a new round of gains after a pullback to $3,500-$3,600, reaching $5,000 by 2026.

He emphasized that the Federal Reserve's loose monetary policy could exacerbate market bubbles, but it could also lead to a larger crash. Soloway advised investors to remain vigilant, manage risk, and prepare for potential future market turmoil.

Related reading: A 27-year Wall Street trader: The AI bubble is about to burst! Bitcoin is no longer "sexy," the market correction is just an appetizer.