Cryptocurrency Bitcoin could be on track to $74,000, trader says...

Bitcoin could be on track to $74,000, trader says as cryptocurrency approaches all-time highs – CNBC

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Bitcoin’s increase could be starting.

The cryptocurrency’s comeback may go exponential subsequent yr, two merchants stated Tuesday after bitcoin broke above $19,000 and rallied practically 3.5%, closing in on its 2017 report highs.

Bitcoin is up over 166% yr up to now, buoyed by bullish sentiment tied partially to fintech firms together with PayPal and Square getting into crypto.

“It is arduous to present bitcoin an intrinsic basic worth as a result of there’s just about a finite provide,” Todd Gordon, founding father of TradingAnalysis.com, instructed CNBC’s “Trading Nation” on Tuesday.

Solely 21 million bitcoins will ever be produced.

To try to see the place the commerce may very well be headed, Gordon used an idea generally known as the Elliott wave idea.

“It is a fantastic solution to worth crypto as a result of Elliott wave is supposed to detect the herding mentality and the feelings driving the value — worry and greed — and it creates very recognizable patterns,” he stated, turning to a chart of bitcoin.

“The Elliott wave idea relies on the concept there’s 5 waves in a major pattern, three [up]developments and two intervening corrections,” Gordon stated.

The primary wave increased occurred in 2014, adopted by a decline into 2015 and a long-term uptrend by 2018, Gordon stated. The fourth wave has shaped “type of a sideways triangle” over the course of the final two years, and the fifth may very well be bitcoin’s newest wave increased, the dealer stated.

“The purpose of all it is a dependable relationship within the Elliott wave idea is the % distance traveled in that first wave in 2014 is usually equal to the % change in wave 5,” Gordon stated.

Seeing as the primary wave was a roughly 658% rally, Gordon’s goal was a lofty one.

“I can not imagine I will exit on CNBC and say this, but it surely’s about 74,000,” he stated. “The Elliott wave goes very effectively with … Fibonacci multiples. If it does need to fall quick, it may well go to 61% of that concentrate on, which is barely at 34,000.”

Bitcoin climbed to round $19,045.17 by Tuesday afternoon, in keeping with CoinMetrics.

Bitcoin may probably be the Tesla of 2021.
Mark Tepper
president and CEO, Strategic Wealth Companions

One other dealer noticed even loftier heights forward for the crypto play.

“I’ve at all times needed to personal some,” Mark Tepper, president and CEO of Strategic Wealth Companions, stated in the identical “Buying and selling Nation” interview.

“It is like a FOMO idea for me,” he stated. “If I by no means owned any and bitcoin hits 100,000 per coin, I would most likely cry myself to sleep each evening for the remainder of my life if I did not personal some.”

Till just lately, Tepper handled bitcoin like another speculative funding, proudly owning a sufficiently small quantity that it would not tank his portfolio if the commerce went south. However that modified when PayPal and different firms began to dip their toes within the area, he stated.

“The factor that is at all times held me again from being an outright bitcoin bull has actually been this lack of widespread adoption. However … adoption’s occurring and people customers, these PayPal and Sq. customers, they’re shopping for extra bitcoin than what’s truly hitting the market every day,” Tepper stated.

“You may type of evaluate this to Tesla,” he stated. “Tesla’s up over 500% this yr. In my view … I believe bitcoin may probably be the Tesla of 2021. It may, in my most bullish case attainable, get to 100K by the tip of subsequent yr. That’d be my bull case. I believe my base case is slightly nearer to it doubling as much as about 40K by the tip of 2021.”

Disclosure: Gordon and Tepper personal bitcoin.

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