Bitcoin’s Next Resistance Level Isn’t Until $170k, The ‘Sky Is The Limit’
By Todd Gordon
February 18, 2020
Bitcoin’s record-breaking rally rolls on.
The cryptocurrency crossed above $52,000 on Wednesday for the first time ever, adding to a 46% rally over the past month.
Todd Gordon, founder of TradingAnalysis.com and a bitcoin bull, sees the run continuing.
“We’re getting corporate and institutional players entering the market. I think the sky is the limit. I don’t want to be overly bullish, but just simple technical analysis, you don’t see resistance till about [$170,000],” Gordon told CNBC’s “Trading Nation” on Wednesday.
Bitcoin’s “market cap … is $1 trillion, where gold is at $10.5 trillion. I think there’s a lot more room to go,” said Gordon.
As bitcoin’s rally has picked up steam, gold’s has flagged. Over the past month, gold prices have fallen 3%.
Quint Tatro, president of Joule Financial, is sticking with gold despite recent weakness.
“I’ve got to be candid, it’s been very, very difficult to be long gold here, but we still believe that longer term it’s in an uptrend,” Tatro said during the same interview. “It has risen from $1,100 to $1,900 within 2019 and 2020, and then is pulling back, so we’re still a buyer here of the weakness in gold, as hard as it is.”
Gold has risen 34% in the past two years. Prices hit a peak above $2,000 in August.
Disclosure: Gordon holds bitcoin. Joule Financial is long gold.
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Founder and Lead Analyst of Trading Analysis
Todd has been trading as a career for the last 20+ years. His goal is to not only provide insightful analysis, but to teach people how to think and grow as professional traders. Todd is a practitioner of Elliott Wave Theory and he uses it to gain an edge in the highly competitive trading arena. In addition to trading professionally, Todd has worked as an analyst and researcher at two different hedge funds. Click Here To Learn More about Todd Gordon