In an interview with CNBC Stock Draft, Todd Gordon, the Founder of TradingAnalysis.com, said that Bitcoin would bottom out at $4000. It will then rebound to $10,000, he said.
The rebound will occur at the end of this year, according to Gordon. He said that market volatility is the main reason for the upswing. The current high to low is 17% on average, which is the lowest in a long time, according to Gordon. He also said that there have been averages 20%, 30%, and 40% per week. He said:
“The technicals will kick in around $4000-$3000, there is so much volatility in the market. I think by February , I think we’ll be well back above $10000.”
He was also confident about the movement of the market, saying that the price was decreasing “right on schedule”, and that he was not worried about the market. He said that he’s “got them right where he wants them”.
Gordon stated that the crypto-market is highly technical in nature, calling it “technically driven”. He stated:
“I would show you the chart I’m looking at, it’s a beautiful uptrend. This correction we have seen from just below $19000, in terms of a percent drop, it’s inconsequential.”
He said that he was comparing the market movement to that of the 2014-15 market cycle, where the price spiked from around $230 to almost $800, before crashing to $500. Like other long traders, he stated that the market movement is expected compared to the gains seen since 2015. Notably, the coin has increased a whopping 1400% since December of 2015. He said:
“The correction I’m basing this on was 2014 to 2015. That was a whole debacle, Bitcoin took about a 78% hit which right now, we’re about two-thirds of the way through that.”
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