Trading Analysis CEO Is Still Shorting Bitcoin To $4K, Over $10K By 2019
TradingAnalysis.com founder Todd Gordon has said in a much-publicized interview that he is currently shorting bitcoin. Gordon has amassed a loyal following for his measured tones and frequent trading hits. Adopting a different approach based on strict fundamental and technical market analysis, the former Forex.com fundi gleaned his methodology from years of trading analysis.
While recent upswings in bitcoin have moved some commentators to hope out loud again for their bullish predictions to come true, Gordon isn’t one of them. The analyst expects bitcoin to fall further, saying that below the $5,000 mark the virtual asset would “shake out a lot of longs.” Longs are longer-term options or positions that essentially expect the price of an asset to rise.
Bitcoin Crypto Volatility Vs Sound Analysis
Gordon has pegged support for bitcoin to kick in at around the $4.000 mark, or possibly even lower. Making reference to a February 2019 event, when pressed he did say that he felt bitcoin would be “well back above $10,000 by the time the conference comes around.” He also said that the immediate prospects were lots of “discouragement” for enthusiasts sitting on the digital coin. HODLers in particular are likely to have their faith tested in the coming weeks.
Gordon has become a minor celebrity in the cryptosphere as he carries a legitimacy and transparency from the formal sector with him, yet he is also “one of us” on digital currencies. The fact that he has an impressive strike rate is of course a fundamental value that aids his popularity.
Noting that “at one point in 2007 the light bulb went off,” Todd Gordon looked at years of predictions and results and found the correlation to be the only worthwhile trading model. He advocates eliminating shooting from the hip and general churn in investing. Looking at trading as a business, Gordon realized that spontaneous motions chasing profit actually broke even at best and contributed nothing to the wins he garnered from sticking to a detailed trading plan.
Bitcoin will rebound above $10k by 2019, according to founder of Trading Analysis
Posted by CNBC Crypto on Friday, June 22, 2018
Bitcoin spiked recently, sufficient to cause some cheer among enthusiasts. Traders seem to be awakening from a long slumber and rumblings are emanating from exchanges anticipating a wild climb as per 2017. Gordon’s suggestion that the currency’s value has to fall further still before anyone but the shorts are going to make money isn’t good news for many. Depending on where traders bought into bitcoin, many have lost money and are holding out for a return of value. Those who bought in during late 2017 have lost the most, as the coin plummeted shortly after December 2017’s heyday.
Another qualified voice supporting Todd Gordon comes from macro-economist, Peter Tchir, head of Macro Strategy at Academy Securities. In a recent Forbes article, Tchir questioned the lack of supporting evidence given by crypto pundits predicting rises. Tchir further pointed to lots of noise surrounding the BTC price, often from supposedly credible sources.
One equally respectable bull opinion comes from Tommy Lee, the FundStrat principal who co-founded the Wall Street concern and heads up the research. Lee has predicted a year-end price of around $25,000 for bitcoin. Surprising to some, he remains upbeat that his predictions are sound, and he is at least as credible as Gordon.
Bitcoin Still Silent For The Most Part
Current BTC trading is still comparatively muted, although Tchir is one who derides the “guesstimates” that industry voices seem to feel obliged to make. Pointing rather to a new (and for many legacy investors) improved shape of things, he bemoans what he sees as reckless or unsubstantiated speculation. Tchir said that he felt industry advocates often gave no solid explanations of digital coins’ historical or future trajectories.
Gordon’s opinion is noteworthy for many as he has a different take on things. While many respectable naysayers have an overt dislike for the asset class as a whole, Gordon is not opposed to cryptocurrencies in any way. If anything, he appears excited to apply his technique to a digital asset. With that said, his prediction of a further drop in the short term isn’t broadly welcome news. Bitcoin is currently trading at $6,582.78.