More and more traders and observers agree that 2021 will be an explosive year for Bitcoin. Even one astrologer has predicted that the highs will be updated over the next 12 months.
On CNBC, Todd Gordon, founder of TradingAnalysis, said that next year the bitcoin loophole will be able to test values above $70,000.
The benchmark for the crypt currency will be $74,000, the analyst said. The trader built his forecast based on Elliot’s theory.
Gordon said:
Elliot’s Wave Theory is based on the principle that there are five waves in the main trend. Three [upward] trends and two intermediate corrections.
The first growth wave was observed in 2014, followed by a decline in 2015 and a long-term upward trend to 2018.
The fourth wave has been forming in the last two weeks (it was sideways). The fifth wave will lead Bitcoin to new highs, says Todd Gordon.
The largest digital currency is trading around $19,149 on Wednesday 25 November. BTC capitalization has increased by more than 7% to $355.295 billion over the past seven days.