Bitcoin Set to Surge Exponentially to Reach $74K and…
Todd Gordon believes that Bitcoin may march on to $74,000. His prediction can, however, fall short of up to 61% which is around $34,000.
Bitcoin bull run is on as the leading cryptocurrency has staged an exponential growth with an 80% price gain in the last two months and 166% price gain from the start of the year to date to record a current price of $19,158. Yesterday, the digital asset rallied to fall less than 4% short of its all-time high having reached a price point of $19,345. The sudden surge in the Bitcoin price has created doubts among a small portion of the crypto community who thinks the price is a false one and would crash. However, two Bitcoin traders believe that the digital asset has all it takes to grow exponentially to trade as high as $74,000 and $100,000 by next year.
Analysis of Todd Gordon on Bitcoin Price Surge
The founder of TradingAnalysis, Todd Gordon used Elliott Wave Theory to analyze the mentality and the emotions behind the current Bitcoin value. According to this theory, there are mostly five waves of primary trends of which three are uptrends and two are intervening corrections. Gordon explained that the first higher wave occurred in 2014. After this was a massive pullback in 2015 followed by a long-term trend that existed until 2018. Between 2018 and 2020 was the fourth wave which created a sideways triangle. In this case, the fifth may be the time for the Bitcoin price to go all out to the moon.
Gordon believes that Bitcoin may march on to $74,000. His prediction can, however, fall short of up to 61% which is around $34,000.
Mark Tepper’s Prediction
The CEO of Strategic Wealth Partners, Mark Tepper in an interview disclosed that he would be crying every night if Bitcoin goes all the way to trade around $100,000 and he did not own some. His understanding of the reason for the current price surge is what he described as the “FOMO Concept”.
Tepper had been a bit skeptical about Bitcoin investment as he treated it as nothing beyond a speculative asset. He had the impression that Bitcoin lacks widespread adoption. However, the recent announcement that Paypal has added features that supports cryptocurrency and the reports that Square users purchasing more of the asset than before changed his mind.
According to Tepper, Bitcoin could be the Tesla of 2021. The electric vehicle manufacturer and clean-energy company surged by more than 500% this year. He believes Bitcoin can do better than Tesla to surge to $100,000 by the end of 2021. Also, he pegged his minimum trading price by the end of next year to $40,000.
The success story of Bitcoin is good news to the leading altcoins as a popular adage says “a rising tide lifts all boats”.
In late 2017 and early 2018, the likes of Ethereum, Dash, Litecoin, Zcash, XRP, and others recorded their all-time high in the reflection of the impressive performance of the Bitcoin price. Though other factors can send the price in the opposite direction, it is obvious that the recent exchange crackdowns in China have not affected the price.
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