Markets
Expert predicts Bitcoin surge to $100K amid Trump’s pro-crypto push
Todd Gordon predicts Bitcoin could hit $100K as Trump’s pro-crypto stance boosts Bitcoin and related stocks.
According to Todd Gordon, founder of Inside Edge Capital and CNBC contributor, former US President Donald Trump is positioning himself as the pro-cryptocurrency candidate in the next election.
This move has triggered multiple reactions in the cryptocurrency market, with Bitcoin leading the charge. As Trump rises in polls and prediction markets, cryptocurrency enthusiasts are noticing a correlation with Bitcoin’s upward trajectory.
Bitcoin price has seen a notable surge, reaching $63,217 today, up 0.66% in the past 24 hours and 9.86% in the past week.
Along with Bitcoin, crypto-related stocks such as Coinbase, MicroStrategy, Riot Platforms and Marathon Digital have also seen gains. Investors and traders are capitalizing on these trends, seeing Bitcoin as potentially linked to Trump’s political fortunes.
Expert Insights on Bitcoin Chart
Todd Gordon shared his analysis on Bitcoin’s performance on CNBC’s Last Call. He noted that Bitcoin’s chart looks promising despite past fluctuations.
“I see no reason why we can’t hit over $100,000 this time,” he says. @ToddGordonTA about #Bitcoin as Trump and Vance create a pro-crypto presidential ticket. “We should be able to make that move this year.” $BTC photo.twitter.com/WqUAqP5qOR
— Last Call (@LastCallCNBC) July 16, 2024
He says Bitcoin has had a round trip, reaching $70,000, falling to $19,000 and then rising back to $70,000. He attributes this resilience to regulatory factors, macroeconomic conditions and the correlation of growing trade.
Gordon emphasized the potential of Bitcoin exceed US$100,000, depending on market conditions and regulatory support.
He also noted that Bitcoin is in a consolidation phase, with some seasonality working in its favor. According to him, if interest rates and the regulatory landscape cooperate, enthusiasts should see significant movement this year.
Previous predictions
Bitcoin price volatility has shown significant fluctuations since 2017, with major peaks in January 2018, December 2020, and November 2021.
Recent trends suggest a more stable market condition, despite a recovery in early 2024. Analysts such as Quinn Thompson, CEO of Lekker Capital, are bullish, predicting Bitcoin at $100,000 and Ethereum at $7,000 by November.
Thompson attributes his forecast to factors such as the US presidential election, the Federal Reserve’s liquidity increase, and the launch of the Ethereum ETF.
Additionally, other analysts such as Jelle and financial educator Robert Kiyosaki predict substantial growth for Bitcoin. Jelle believe Bitcoin’s rally to $100,000 is imminent, citing current market conditions. Meanwhile, Kiyosaki predict Bitcoin will hit $150,000, underscoring its potential as an essential asset for financial freedom.
Disclaimer: This content is informative and should not be considered financial advice. The views expressed in this article may include the personal views of the author and do not reflect the views of The Crypto Basic. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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