The negative year for Bitcoin continues to plod along as the coin recently hit a four-month low. However, analyst Todd Gordon still believes that a Bitcoin price rebound to $10,000 is coming.
It goes without saying that 2018 hasn’t been the kindest year to Bitcoin. The number one cryptocurrency by market cap nearly reached $20,000 back in mid-December 2017. Since then, the value has dropped to $6,189 (at time of writing). While there are plenty of doom-and-gloom predictions being written, not everyone believes that the crypto ride is bottoming out.
Standing by Bitcoin Price Upswing
Analyst Todd Gordon of tradinganalysis.com recently spoke to CNBC. He said that he fully expected Bitcoin to drop in value, as what has happened this year. Gordon told CNBC that he always thought the cryptocurrency would drop below $5,000 to shake out a lot of long positions.
In fact, Todd Gordon thinks the Bitcoin price will drop even further, going down as far as $3,000 to $4,000. However, he says that the “technicals will kick in” at that point, which will then start the resurgence back up to $10,000 by early 2019.
Still Making Money
The CNBC hosts poked a little fun at Gordon, talking about the falling prices for Bitcoin. Gordon had a great comeback as he noted that he’s making money as he’s shorted Bitcoin since June 10th. He says that this is a “trading market” where playing both the short and long-term will pay off.
To back his enthusiasm for Bitcoin’s long-term viability, Gordon says that the recent correction is actually inconsequential and expected from the gains made in 2014 and 2015. He cites the Mt. Gox debacle in 2014 where Bitcoin lost about 70 percent of its value but more than rebounded.
Gordon also notes that the price range for the granddaddy of all cryptocurrency is at 17 percent, making this recent trend one of the coin’s lowest high to low ranges. He says that this current 17 percent is “nothing” and that he can make that up in just two weeks.
Gordon ends his discussion by stressing that Bitcoin is a highly technical market. He says that the technicals will work and that investment will be coming back. Gordon plans on ending his shorting of Bitcoin soon.
Gordon’s not alone in being upbeat about the future Bitcoin price. Tom Lee of Fundstrat believes it will hit $25,000 in 2022. Twitter madman John McAfee is even more bullish, stating that Bitcoin will hit $15,000 by the end of June.
Do you agree with the analysis by Todd Gordon? Let us know in the comments below.
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