Todd Gordon, founder of TradingAnalysis.com predicted Bitcoin (BTC) to drop to $4,000 prior to a rebound above $10,000 by 2019 on CNBC’s Stock Draft June 22.
Gordon suggested that BTC will drop below $5,000, subsequently hitting $10,000 by the end of the year, citing significant market volatility to be the main reason. When asked to explain his estimates, Gordon cited a “beautiful uptrend,” and called the recent correction down from $19,000 “inconsequential” given the gains in BTC price since 2015.
The analyst said that the current high to low range is 17 percent on average, which is one of the lowest BTC has ever seen. “There were times when it was 20, 30, 40 percent [per] week so, if I’m down 30 percent right now in Bitcoin, that’s nothing, I can make that up in two weeks,” he continued.
Gorgon argued that the cryptocurrency market is “very technically driven,” so reckoning on the technicals and market sentiment, it’s possible to recover certain losses in the near future.
Gordon’s site, TradingAnalysis.com, provides market analysis and trading strategies. Gordon has also made predictions about other markets, including commodities like crude oil. In November 2015, when crude was trading at $41, he predicted a decline of nearly 50 percent down to $26. In February of the following year, crude was trading at $26.05.
Earlier in June, stock analytics firm Trefis estimated a BTC year-end price of $12,500, which is $2,500 lower than their initial forecast. Trefis’ BTC forecast analytics is based on fundamentals of supply and demand, where demand is the number of users and the amount of transactions, and supply is the number of available BTC.
Last month, Wall Street analyst Spencer Bogart said that the major cryptocurrency will trade “at least” above $10,000 by the year’s end. He suggested that the reality of a deeper institutionalization of the crypto space is securing the long term “story,” and is “overall positive” for Bitcoin’s future.
but this level can cross the next month.what do you think?
100 percent bitcoin price will cross milestone of 10000$ in 2018-19 and it has potential to cross its ATH
I agree with you
Gr8 information brother.
Keep it up.
Do your best.
Thank you.
make some post in hindi
koshis karunga bhai.
I hope bitcoin will cross 10k $ . But we are still in bearish market.
Let see what happen.
Very good my friend
thank you
June was month of boom in cryptocurrency..but that was prove to be wrong..due to market volatility..we can't say what if BTC hits more than 25000$ by end of year ..no one know accurate..we just predict. Hope for best
its will be easy this range i think so
hold it!
This year not for trading but wait at least december i hope bitcoin cross last all time high
for sure btc will hit 25000$ by the end of 2018
I'd be happy with above 10k for now. Just need some positive news
yes definitely will go above $10,000.
Bitcoin price will easily cross 10k$ within this year.
Hold and wait for next few months..
Great post , love the content keep up the great job
great work brooo