Bitcoin to Hit Over $10k by 2019, Analyst Says
According to the founder of Trading Analysis, Todd Gordon, the world’s leading cryptocurrency Bitcoin is expected to rebound above $10,000 as soon as 2019 arrives. However, he also said that before this figure gets hit, the digital currency will have to drop by at least $4,000.
“A Beautiful Uptrend”
Gordon stated that BTC will drop below $5,000, subsequently hitting the $10k mark by the end of the year. He cited significant market volatility as the main reason behind this stretch. When asked about his estimates, he suggested a “beautiful uptrend” and called the recent correction down from $19,000 “inconsequential.” This is considering that gains in the number one digital asset since 2015.
He added that the current high to low range is 17 percent on average, and it is absolutely the lowest BTC the industry has ever seen. It holds true, however, that there was “20, 30, 40 percent per week.” So, for Gordon, it is really nothing, saying that he could “make that up in two weeks.”
Technically Driven
Not only is Gorgon optimistic about the rise of Bitcoin, but he is also confident that the cryptocurrency market itself will bloom. He said that this is due to the fact that the latter is “very technically driven.” So, in terms of reckoning on the technical and market sentiment, it is really possible to recover significant losses in the near future.
Gordon, through his site, provides different market analysis and trading strategies. He already made a couple of predictions about other markets, including commodities like crude oil. This was in November 2015, particularly during the time it was trading at around $41. He predicted that a decline would come around 50 percent to $26. And indeed, in February of the following year, crude oil saw a trading decline at $26.05.
Earlier in June, stock analytics firm Trefis estimated around $12,500 as the Bitcoin year-end price, which is $2,500 lower than their initial forecast. Basically, the firm’s BTC forecast analytics is largely based on fundamentals of supply and demand, where the demand is the number of users and the number of transactions, and the supply is the number of available BTC.
Just last month, Wall Street analyst Spencer Bogart said that the major cryptocurrency will trade “at least” above $10,000 by the year’s end. He also suggested that the reality of a deeper institutionalization of the crypto space is securing the long-term “story,” and is “overall positive” for Bitcoin’s future.