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

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Bitcoin’s Next Price Target Could Be $74,000, Says Technical Analyst Blockchain, Featured, Home CoinGenius Hosts Virtual Crypto Event The Road To Mass Adoption

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%.

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.

Featured image via Pixabay.

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