Inside Edge Capital, CEO Todd Gordon has forecast that bitcoin will reach $100,000 this year, which coincides with the emergence of pro-crypto presidential candidates, including J.D. Vance and Donald Trump.
Inside Edge Capital founder and CNBC contributor Todd Gordon claims that former US President Donald Trump is trying to present himself as a cryptocurrency-backed candidate in the next election.
The cryptocurrency market has reacted to the move in a variety of ways, with Bitcoin at the forefront. Cryptocurrency enthusiasts are noting Bitcoin’s rising trend as correlating with Trump’s lead in surveys and prediction markets.
The price of bitcoin has increased significantly, hitting $63,217 today, up 9.86% over the previous week and 0.66% over the previous 24 hours.
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Apart from Bitcoin, firms associated with the cryptocurrency space such as Coinbase, MicroStrategy, Riot Platform, and Marathon Digital have also seen a surge. Benefiting from these developments, dealers and investors see Bitcoin as linked to Trump’s political success.
Specialist Analysis on Bitcoin’s Chart
Amid CNBC’s Last Call, Todd Gordon advertised his examination of Bitcoin’s volatility. Despite past fluctuations, he stressed the Bitcoin chart is promising.
According to him, Bitcoin experienced a remarkable run, rising to $70,000, dropping to $19,000, and then rising to $70,000 once again. He attributes this resilience to the macroeconomic environment, growing trade correlations, and regulatory considerations.
Gordon underlined that with favorable market conditions and government support, Bitcoin could rise above $100,000.
He also mentioned that Bitcoin is currently in a consolidation period, with seasonality helping it. He believes if interest rates and the regulatory environment combine, enthusiasts will see a lot of movement this year.
Prior Forecasts
Since 2017, the price of Bitcoin has experienced significant swings, with notable peaks occurring in January 2018, December 2020, and November 2021.
Despite the surge in early 2024, recent signs point to a more stable market environment. Analysts like Laker Capital CEO Quinn Thompson are optimistic, with Bitcoin expected to reach $100,000 and Ethereum $7,000 by November.
Thompson credits events such as the U.S. presidential election, higher Federal Reserve liquidity, and introducing the Ethereum ETF for his prediction.
Many analysts, such as Jelle and financial guru Robert Kiyosaki, expect significant growth for Bitcoin. Given the market situation, Jelle thinks Bitcoin will reach $100,000 soon. In the interim, Kiyosaki accepts Bitcoin will reach $150,000, highlighting its potential as a key asset for accomplishing monetary flexibility.
