Todd Gordon predicts Bitcoin could hit $100K as Trump’s pro-crypto stance boosts Bitcoin and related stocks.

According to Todd Gordon, founder of Inside Edge Capital and CNBC contributor, former U.S. President Donald Trump is positioning himself as the pro-crypto candidate in the upcoming election.

This move has triggered multiple reactions in the crypto market, with Bitcoin leading the charge. As Trump rises in polls and prediction markets, crypto enthusiasts are noticing a correlation with Bitcoin’s upward trajectory.

Bitcoin’s price has seen a notable increase, reaching $63,217 today, up 0.66% in the last 24 hours and 9.86% over the past week. 

Alongside Bitcoin, crypto-related stocks like Coinbase, MicroStrategy, Riot Platforms, and Marathon Digital have also experienced gains. Investors and traders are capitalizing on these trends, viewing Bitcoin as potentially linked to Trump’s political fortunes.

Expert Insights on Bitcoin’s Chart

Todd Gordon shared his analysis on Bitcoin’s performance on CNBC’s Last Call. He highlighted that Bitcoin’s chart looks promising, despite past fluctuations. 

“I see no reason that we can’t hit over $100,000 this go around,” says @ToddGordonTA on #Bitcoin as Trump and Vance create a pro-crypto presidential ticket. “We should be able to make that move this year.” $BTC pic.twitter.com/WqUAqP5qOR

— Last Call (@LastCallCNBC) July 16, 2024

He says that Bitcoin had quite a round trip, reaching $70,000, dropping to $19,000, and then climbing back to $70,000. He attributes this resilience to regulatory factors, macroeconomic conditions, and the growth trade correlation.

Gordon emphasized the potential for Bitcoin to surpass $100,000, contingent on market conditions and regulatory support.

He also noted that Bitcoin is in a consolidation phase, with some seasonality working in its favor. According to him, if provided interest rates and the regulatory backdrop cooperate, enthusiasts should see significant movement this year.

Previous Predictions

Bitcoin’s price volatility has shown significant fluctuations since 2017, with major peaks in January 2018, December 2020, and November 2021.

Recent trends suggest a more stable market condition despite a recovery in early 2024. Analysts like Quinn Thompson, CEO of Lekker Capital, are optimistic, forecasting Bitcoin at $100,000 and Ethereum at $7,000 by November.

Thompson attributes his prediction to factors like the U.S. presidential election, increased Federal Reserve liquidity, and the launch of the Ethereum ETF.

In addition, other analysts, such as Jelle and financial educator Robert Kiyosaki, foresee substantial growth for Bitcoin. Jelle believes Bitcoin’s surge to $100,000 is imminent, citing the current market conditions. Meanwhile, Kiyosaki predicts Bitcoin will reach $150,000, emphasizing its potential as a key asset for financial freedom.