Will Bitcoin Be $ 74,000? Analysts Discuss Next Possible Summit
Bitcoin price reached as high as $ 19,400 on Tuesday, November 24 as analysts struggled to predict the next peak. After the rise, Bitcoin declined hard to the middle of $ 18,000, with a pullback of $ 700. As the leading cryptocurrency continues to gain momentum, analysts and investors are discussing the next possible summit.
Will it be $ 74,000?
CNBC became famous for spreading fear, uncertainty, and suspicion during the 2017 – 2018 rally and became known as a counter-trade signal. Because when the news source predicted a rise, BTC was falling. Likewise, the opposite was also true.
In the latest issue of Trading Nation, the channel interviewed several investors who said positive things about the leading cryptocurrency. One of the investors said that Bitcoin could reach $ 74,000.
Todd Gordon, founder of TradingAnalysis.com, used the Elliot Wave theory to gauge herd mentality and market sentiment. He said that the fifth wave has just begun and will reach an all-time high in 2021. When asked about the price forecast, he used the following statements:
“I can’t believe I’m going to go on CNBC and say that, but it’s about $ 74,000. Elliott wave… goes very well with Fibonacci multipliers. If he wants to fall short, he can reach 61% of that target, which is only $ 34,000. “
PayPal Accelerates Adoption
Mark Tepper, president and CEO of Strategic Wealth Partners, said that before PayPal and other large companies stepped into Bitcoin, they treated Bitcoin like other speculative investments and started with a small enough amount.
“What has always kept me from being an outright Bitcoin bull is really this lack of widespread adoption. But… adoption is taking place, and those users, PayPal and Square users, are buying more Bitcoin than what is released on a daily basis. ”
Tepper stated that Bitcoin could become the Tesla of 2021 and reach the level of $ 100,000 by the end of next year. This fits with other models and forecasts, such as stock flow, which also predicts triple figures over the next year.