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Bitcoin Set to Surge Exponentially to Reach $74K and $100K

Published

2 months ago

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Todd Gordon believes that Bitcoin may march on to $74,000. His prediction can, however, fall short of up to 61% which is around $34,000.

Bitcoin bull run is on as the leading cryptocurrency has staged an exponential growth with an 80% price gain in the last two months and 166% price gain from the start of the year to date to record a current price of $19,158. Yesterday, the digital asset rallied to fall less than 4% short of its all-time high having reached a price point of $19,345. The sudden surge in the Bitcoin price has created doubts among a small portion of the crypto community who thinks the price is a false one and would crash. However, two Bitcoin traders believe that the digital asset has all it takes to grow exponentially to trade as high as $74,000 and $100,000 by next year.

Analysis of Todd Gordon on Bitcoin Price Surge

The founder of TradingAnalysis, Todd Gordon used Elliott Wave Theory to analyze the mentality and the emotions behind the current Bitcoin value. According to this theory, there are mostly five waves of primary trends of which three are uptrends and two are intervening corrections. Gordon explained that the first higher wave occurred in 2014. After this was a massive pullback in 2015 followed by a long-term trend that existed until 2018. Between 2018 and 2020 was the fourth wave which created a sideways triangle. In this case, the fifth may be the time for the Bitcoin price to go all out to the moon.

Gordon believes that Bitcoin may march on to $74,000. His prediction can, however, fall short of up to 61% which is around $34,000.

Mark Tepper’s Prediction

The CEO of Strategic Wealth Partners, Mark Tepper in an interview disclosed that he would be crying every night if Bitcoin goes all the way to trade around $100,000 and he did not own some. His understanding of the reason for the current price surge is what he described as the “FOMO Concept”.

Tepper had been a bit skeptical about Bitcoin investment as he treated it as nothing beyond a speculative asset. He had the impression that Bitcoin lacks widespread adoption. However, the recent announcement that Paypal has added features that supports cryptocurrency and the reports that Square users purchasing more of the asset than before changed his mind.

According to Tepper, Bitcoin could be the Tesla of 2021. The electric vehicle manufacturer and clean-energy company surged by more than 500% this year. He believes Bitcoin can do better than Tesla to surge to $100,000 by the end of 2021. Also, he pegged his minimum trading price by the end of next year to $40,000.

The success story of Bitcoin is good news to the leading altcoins as a popular adage says “a rising tide lifts all boats”.

In late 2017 and early 2018, the likes of Ethereum, Dash, Litecoin, Zcash, XRP, and others recorded their all-time high in the reflection of the impressive performance of the Bitcoin price. Though other factors can send the price in the opposite direction, it is obvious that the recent exchange crackdowns in China have not affected the price.

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Excellent John K. Kumi is a cryptocurrency and fintech enthusiast, operations manager of a fintech platform, writer, researcher, and a huge fan of creative writing. With an Economics background, he finds much interest in the invisible factors that causes price change in anything measured with valuation. He has been in the crypto/blockchain space in the last five (5) years. He mostly watches football highlights and movies in his free time.



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Altcoin

$45B DeFi market cap and soaring TVL suggest the best is yet to come

Published

11 hours ago

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January 25, 2021

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The decentralized finance sector continues to charge full steam ahead as multiple tokens notch new all-time highs and the total value locked in DeFi protocols grows with the passing of each week.

Data from Messario shows projects like AAVE, Uniswap (UNI), SushiSwap (SUSHI) and Synthetix (SNX) have all rallied by double-digits, creating a positive feedback loop as more users engage with the protocols to yield farm and capitalize on flash loans.

DeFi asset performance. Source: Messari

As the price of Bitcoin (BTC) and Ether (ETH) reached new highs in recent months, the total value locked (TVL) in DeFi has risen as well, increasing optimism and engagement on the various DEXs and lending platforms. Data from CoinGecko shows that in the past 6 months the DeFi total market capitalization has grown to $45 billion.

Total market cap of all DeFi tokens. Source: CoinGecko

From Jan. 1 to Jan. 25, DeFi platforms have collectively seen the TVL rise from $15.6 billion to a record-high $26.1 billion.

In fact, according to DeFi Pulse, the total value locked across DeFi protocols increased from $21.49 billion to $26.173 billion in the past 4 days alone.

This sharp increase in TVL was helped by a $400 surge in the price of Ether from $1,053 on Jan. 21 to a new all-time high of $1,459 on Jan. 25, but Ether can’t account for all the gains as shown by the increasing number of DeFi tokens which are also securing new all-time highs.

Total value locked in DeFi. Source: Defi Pulse

Despite these impressive developments, the DeFi sector only accounts for just 4.6% of the total cryptocurrency market capitalization which currently stands at $976.6 billion.

Despite representing just a small sliver of the total crypto market, DeFi’s rapid growth suggests the sector is primed for explosive growth as cryptocurrency becomes more mainstream.