Bitcoin Will Rebound Above $10000 by 2019
Todd Gordon, founder of TradingAnalysis.com recently made the prediction about the dropping of Bitcoin (BTC) to $4,000 prior to a rebound above $10,000 by 2019 on CNBC’s Stock Draft June 22.
He had suggested that there is a high possibility of facing a situation where BTC might even drop below $5,000, and could well hit $10,000 before closing of 2018. In fact, he made the point that the significant market volatility could be the reason for such dropping. When asked to explain his estimates, Gordon even further added that a “beautiful uptrend,” and called the latest correction down from $19,000 “insignificant” given the gains in BTC price since 2015.
Today most of the market analysts are saying that the current high to low range is 17 percent on average, which is undoubtedly one of the lowest BTC has ever witnessed. Gordon added “We can still remember the time when it was 20% to 40% [per] week so, if I’m down 30% right now in Bitcoin, nothing to worry, I hope to make that up within two weeks.” Gorgon said that the cryptocurrency market is technically driven, and so calculating on different market sentiments, it is very much possible to improve certain losses in coming days.
Gordon’s site, TradingAnalysis.com, offers market analysis and just few days back also made predictions about other markets, and commodities like crude oil. In November 2015, when crude was trading at $41, he went ahead to forecast about the decline of nearly 50% down to $26, and in February of the following year, trading value of crude was $26.05. Adding to that, again earlier in June, stock analytics firm Trefis projected that by the end of the year a BTC price of $12,500, which is $2,500 lower than their initial forecast. Trefis’ BTC forecast analytics was entirely based upon the basics of supply and demand, where demand indicates the number of users in addition to the amount of transactions, and supply is the number of available BTC.
Again just previous month, Wall Street analyst Spencer Bogart said that the trading value of key cryptocurrency will be exceeding $10,000 by the year’s end. He recommended that the authenticity of a institutionalization of the crypto space is securing the long term “story,” which is definitely a positive sign for the Bitcoin’s future.