Todd Gordon, founder of TradingAnalysis.com, predicted that Bitcoin (BTC) would fall to $ 4,000 before a rebound above $ 10,000 by 2019 on the CNBC Stock Draft on June 22.
Gordon suggested that the BTC fall below $ 5,000, rising to $ 10,000 by the end of the year, citing the main volatility in the market. When asked to explain his estimates, Gordon cited a "nice uptrend" and called the recent correction of $ 19,000 "inconsequential" given the gains in the BTC price since 2015.
The analyst said the current range from high to low is 17% on average, which is one of the lowest that the BTC has ever seen. "There have been times when they were 20, 30, 40 percent [per] week, so if I'm with 30 percent now at Bitcoin, that's nothing, I can win it in two weeks," he continued.
Gordon argued that the crypto - currency market is "very technically oriented", so considering the technical and market aspects, it is possible to recover certain losses in the near future.
Gordon's website, TradingAnalysis.com, provides market analysis and trading strategies. Gordon also made predictions about other markets, including commodities such as crude oil. In November 2015, when oil was trading at $ 41, it predicted a nearly 50 percent decline to $ 26. In February of the following year, oil was trading at $ 26.05.
In early June, stock analyst Trefis estimated a year-end BTC price of $ 12,500, which is $ 2,500 lower than the initial forecast. The forecast analysis of Trefis BTC is based on the fundamentals of supply and demand, where demand is the number of users and the number of transactions and the supply is the number of BTCs available.
Last month, Wall Street analyst Spencer Bogart said the largest crypto-currency would be traded "at least" above $ 10,000 by the end of the year. He suggested that the reality of a deeper institutionalization of crypto space is to ensure long-term "history" and is "globally positive" for Bitcoin's future.