Bitcoin’s Next Price Target Could Be $74,000, Says Technical Analyst

Spread the love

Todd Gordon, founder of TradingAnalysis.com, has argued that the next price target for the flagship cryptocurrency bitcoin is “about $74,000” based on the Elliott Wave theory.

While speaking on CNBC’s “Trading Nation,” Gordon noted that it’s hard to give BTC a fundamental value “because there’s pretty much a finite supply,” as only 21 million bitcoins will ever be produced. In a bid to see where the price of BTC could be headed, Gordon used Elliott Wave theory.

He said:

  • It’s a wonderful way to value crypto because Elliott wave is meant to detect the herding mentality and the emotions driving the price — fear and greed — and it creates very recognizable patterns.

Gordon added that the theory is based “on the idea that there are five waves in a primary trend, three [up]trends and two intervening corrections.” The first wave he pointed to occurred in 2014 and was followed by a decline in 2015 and an uptrend through 2018.

The fourth wave, he said, formed “sort of a sideways triangle” over the last two years, and the fifth one could be the one that takes BTC’s price over its previous all-time high. The theory reportedly predicts a “reliable relationship” between the percent distance traveled in the first wave and the percent change in the fifth wave. In 2014, BTC’s price rallied 658%.

RECOMMENDED READ:  Why Bitcoin isn't yet a threat to "sovereign currencies"

The technical trader concluded:

I can’t believe I’m going to go out on CNBC and say this, but it’s about 74,000. The Elliott wave goes very well with … Fibonacci multiples. If it does want to fall short, it can go to 61% of that target, which is only at 34,000.

At press time, CryptoCompare data shows bitcoin is trading at $19,150 after moving up over 160% year-to-date. On CNBC Mark Tepper, president and CEO of Strategic Wealth Partners, also made bullish BTC price predictions.

The CEO said that he had, until recently, treated bitcoin as a speculative investment that represented a fraction of his portfolio. His approach changed once PayPal and other publicly-traded companies started entering the cryptocurrency space.

Per his words, a lack of adoption held him back, but adoption is now happening:

But … adoption’s happening and those users, those PayPal and Square users, they’re buying more bitcoin than what’s actually hitting the market on a daily basis.

Tepper compared bitcoin to Tesla’s performance, pointing out Tesla is up over 500% this year, and adding BTC could “potentially be the Tesla of 2021” to get to $100,000 by the end of next year.

RECOMMENDED READ:  Bitcoin Embezzlement Scheme Gone Bad for Bank Employee Facing 12 Years in Prison

Featured image via Pixabay.

 538 Interactions,  2 today

READ ALSO:
 Algorand, BAT, Bitcoin Cash Price Movement Analysis for 17th April, 2021

BAT is expected to trade rangebound in the coming days, while Algorand is expected to split below a rising wedge Read more

Cardano, Cosmos, Hedera Hashgraph Price Movement Analysis for 17th April, 2021

Cardano was moving in an ascending channel, and a failure was predicted as it reached the $1.49-resistance stage. Cosmos could Read more

Ethereum, BitTorrent Token, Zcash Price Movement Analysis for 17th April, 2021

Following a bearish divergence, Ethereum fell to $2310. BitTorrent Token seemed to be on the verge of converting the $0.0089 Read more

When will the Bitcoin price boom come to an end? Here’s what’s behind the Bitcoin bull market.

Is the sustained rise in Bitcoin values due to a steady stream of positive news, or is there anything else Read more

Why is Dogecoin still attracting looooong hodlers?

OGE's price has increased by more than 140 percent in the last 24 hours, and the altcoin is actually ranked Read more

Litecoin, Ethereum Classic, Synthetix Price Movement Analysis for 17th April, 2021

Litecoin and Synthetix traded between ascending networks, but a bullish wider market could postpone the breakdowns in the coming sessions. Read more

 Chiliz, Stellar Lumens, Verge Price Movement Analysis for 17th April, 2021

Historically, the altcoin market has tracked the price movement of Bitcoin. Indeed, for the majority of its existence, the fortunes Read more

Bitcoin Price Movement Analysis for 17th April, 2021

Following reports that Turkey's central bank had placed a ban on crypto-holders using their digital currencies for payment, Bitcoin fell Read more

Peter Schiff predicts the DOGE will reach $1 and proposes that Twitter avatars wear laser beams.

Peter Schiff, CEO of Euro Pacific Capital and a well-known Bitcoin detractor, took to Twitter to comment on Dogecoin's latest Read more

RRipple to Provide ODL Metrics to Institutions and Private Clients

Matt Hamilton, director of developer relations at RippleX, shared on Twitter that Ripple expects to add ODL indicators to its Read more

NFT platforms: reaching outside marketplaces to offer one-of-a-kind content

Why do artists want NTFs, and what can be done with them apart from purchasing and selling? Here's what the Read more

Leave a Reply

Contact Us