The Bitcoin price has been in trouble for a short time, but it’s made a major dent in the industry. Earlier this year alone, it managed to reach a height around $8,000. However, a recent report from a senior analyst suggests that the current market conditions could take Bitcoin from its current $4,000 value to upwards of $10,000.
The analyst’s name is Todd Gordon, and he founded TradingAnalysis.com. When he made an appearance on Stock Draft on CNBC only a few days ago, he predicted that Bitcoin would experience a rebound by 2019. His prediction indicated that the Bitcoin would continue to drop for now, which would leave it with a loss of multiple long positions in the industry.
There are many technical factors that lead a platform to drop in value, which is why Gordon believes the change is temporary. He said,
“There were times when it was 20, 30, 40 percent [per] week so, if I’m down 30 percent right now in Bitcoin, that’s nothing, I can make that up in two weeks.”
The volatility of the market and the corrections are “inconsequential,” at best. Bitcoin had a substantial uptrend from 2015, but the investors that want to use Bitcoin shouldn’t focus on a linear chart. Instead, they should use the technical features of a semi-log approach, since it could be more accurate for the predictability of the coin.
Along with Gordon, the CEO of Binance, Changpeng Zhao holds this positive opinion about Bitcoin. He noted that the Bitcoin price has never been linear or flat through the years, so this prediction process cannot be treated as such.
Currently, Bitcoin has a trading value of $5,931.75, which is part of a 3% decline through the last day of transactions, according to CoinMarketCap.