GarethSoloway Outlookfor2023 stockmarket Cryptocurrencies Outlook for 2023: Stock markets will 'easily' drop to 'pre-COVID levels' - Gareth Soloway
- The S&P 500, down 15 percent over 2022, will"easily" reach the"3,300 level" in 2023, said Gareth Soloway, Chief Market Strategist at IntheMoneyStocks.com, who uses technical analysis to forecast market movements. The S&P 500 is currently trading around 4,000.
Soloway's track record of price predictions has been historically accurate. He called for Bitcoin to reach a high of $69K in November 2021, which it did. He also said, in October of 2021, that gold would perform better than Bitcoin in 2022, a forecast which turned out to be correct. "I do think inflation will remain elevated," he said."Elevated means 3 to 4 percent, and maybe 5 percent… Inflation is going to stay north of 3 percent for at least two years."
"Prices at the grocery store are still going to be going up over time, just not as quickly," he said."It's going to hurt the economy. There's no doubt about it that investors in retail, and Americans in general, are going to feel the crunch in 2023.
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