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Will Bitcoin Price Cross $10,000 Mark Again?

Will Bitcoin Price Cross $10,000 Mark Again?

If anyone has doubt whether bitcoin price could cross the psychological $10,000 mark, TradingAnalysis.com founder, Todd Gorgon, is giving hopes of that. However, he sees the digital coin price to drop further to hit the low of $4,000 before any rebound. Once, the reversal of fortune happens, there is potential to cross the five-figure mark by next year. His comments come amidst different opinions not only about the virtual currency but also on the supporting platform.

Market Volatility

Gorgon sees significant volatility in the cryptocurrency market as the main reason for projecting the price of bitcoin to fall below $5,000 level. However, he expressed the confidence that the digital coin could hit $10,000 mark before the current year ends, cointelegraph reported. The analyst pointed out a “beautiful uptrend” to back up his projection on the virtual currency. He termed the recent correction in bitcoin price as nothing but “inconsequential” and instead pointed out the gains in the price of the virtual coin since the year 2015.

The founder of TradingAnalysis.com indicated that on average currently high to low range is about 17 percent. He termed it as one of the lowest ever seen as far as the bitcoin price is concerned and disclosed that he witnessed averages of 20, 30, and 40 percent a week in the past. Therefore, he is not worried even if it is down 30 percent in average high to low in the digital coin price. That is primarily because of the confidence of making up in about two weeks’ time.

Gorgon believes that the digital currency market is driven by technicalities. Therefore, he places his bet on recovering some losses in the near term by reckoning not only market sentiment but also on the technical side. He has demonstrated his skills of predictions in the past and about other markets too. For instance, he predicted a drop of close to 50{31bbb78d9b2f7a4fa904ad5699f15927ac29d5243305c7756da9522beb854531} to $26 a barrel in crude oil price in November 2015 when it was trading about $41 a barrel. The price of crude traded at $26.05 in February the following year.

The prediction is nothing new to the crypto market since Trefis, a stock analytics firm, predicted bitcoin price to hit $12,500 before the current year ends. This meant that the brokerage had reduced its price target by $2,500 from its initial forecast. The analytics’ firm price objective was based on the supply and demand fundamentals.

Another Analyst

These are not the two analysts who are expecting bitcoin price to trade more than $10,000 before the end of the current year. Wall Street analyst Spencer Bogart predicted last month that a big digital coin would trade a minimum of $10,000 before the current year ends. He expressed “overall positive” sentiment on bitcoin’s future while seeing deeper institutionalization of the virtual asset market. That is also a good catalyst for long-term.

There were also price targets like $25,000 for bitcoin. That is primarily because some of the technocrats like Jack Dorsey of Twitter think that it could be the single biggest currency in about a decade.

About the author

Andri Triyanto

Andri has worked as a research analyst with a big equity analysis company. His perspective of looking at the market is unique. He senses an opportunity when it’s near. He stays well updated with the market happenings.

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