The Bitcoin price has fallen more than 60 percent over the year, and other assets have also suffered from recent bearish trends. Tesla stock, for example, is down 52 percent year-to-date.
Anmol Singh, Founder of Live Traders, said that he sees more downside for Bitcoin and Tesla.
“I think [Tesla] stock is going to be worth $140 or $150,” he said. “$13,000, I think, is where [Bitcoin] is eventually headed.”
Singh, who uses technical analysis to support his trades, said that if Bitcoin were to reach $13K, he would “buy some.”
“I’m not sure people feel the pain just yet,” he said. “Usually markets don’t bottom out until people feel the pain.” Singh spoke with David Lin, Anchor and Producer at Kitco News.
ARKK ETF
Cathie Wood’s ARKK ETF, which tracks tech companies, is down 64 percent over the year. Singh, however, said that he sees a turnaround.
“[ARKK’s] is one of these charts that has come… back down into a support area,” he claimed. “It’s never going to come back to all-time highs. However, I can get a nice bounce from $35 back to the $80s.”
ARKK is currently trading between $34 and $35, significantly lower than its all-time high near $158 in 2021. Singh added that ARKK ETF won’t experience a “comeback” for two to three years.
“It’s going to be a long-term comeback [for ARKK],” he said. “[Cathie Wood] is betting on a few of those companies that are going to become unicorns, while the rest of them are probably going to zero.”
Stock Markets
The NASDAQ is down 32 percent over the year. Singh said that it is a good time to start “nibbling in,” and investing in stocks.
“Historically, if you take a look, [when] markets were down 40 percent… that’s roughly the mark where you start to bottom out,” he said. “So I think it’s a good position to start nibbling in.”
However, he cautioned that it is difficult to perfectly time a trade.
“I’ve been pretty good at picking tops, but picking bottoms is not my forte,” said Singh. “You’re never going to time the bottom perfectly, but I think it’s a good time to start deploying some capital.”
To find out what Singh is investing in, watch the video above.
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