While all markets and investors are focused on the FED meeting tomorrow, Bitcoin (BTC), which fell to the level of $ 18,200, started to recover. BTC still has not managed to break above $20,000, trading at $18.87 at the time of writing.

As investors wonder if new bottoms will come in Bitcoin, a new Bitcoin prediction came from Gareth Soloway, chief market strategist at InTheMoneyStocks.com. Speaking to Stansberry Research, Gareth Soloway said that he predicts BTC could drop further.

   "When I examine Bitcoin's chart and the assets it correlates with, I predict that BTC will fall somewhere between $12,000 and $13,000."

Noting that the dollar and Bitcoin are inversely correlated, the analyst stated that the dollar has a close relationship with the decline of BTC.

Bitcoin Btc Exchange

The dollar has a lot to do with Bitcoin's decline because we see that the dollar continues to stay at its highest level in the last 20 years. With every rise in the dollar, you will see the opposite happen on the Bitcoin chart, that is, Bitcoin goes down.”

Explaining the level to be followed in Bitcoin, the analyst said, “The key level for me is $ 19,599 on a daily closing basis. As long as we stay around this level, there is still a small chance for Bitcoin to rise.” said. Finally, drawing attention to the need for regulation in the crypto money industry, Soloway believes that this will be a positive thing for Bitcoin and cryptocurrencies.

MicroStrategy announces new Bitcoin purchase

MicroStrategy announced that they have purchased 301 more BTC in a statement to the SEC today. The global software company announced in a statement that it received 301 BTC for approximately $ 6 million at an average of $ 19,851. MicroStrategy's Chairman of the Board, Michael Saylor, while announcing the company's latest Bitcoin purchase on Twitter, wrote that they currently have 130,000 Bitcoins worth $3.98 billion at a cost of $30,639 per BTC.