Todd Gordon, the founder of Inside Edge Capital Management, believes BTC’s recent rally might lead to more gains. Gordon shared his view during an interview on November 9, noting BTC might surge as high as $150,000. However, he warned investors to avoid holding massive amounts of BTC on their investment portfolios.
In the interview, Gordon pointed out that BTC does not have resistance in the near term, especially after setting a new ATH yesterday. According to him, BTC is likely to meet resistance at the $125,000.00 (£92,336.88) or $150,000.00 (£110,804.25) levels. As such, he believes the flagship crypto might continue surging until it reaches such heights.
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Explaining why he thinks BTC could breach the $100,000.00 (£73,869.50) and possibly trend higher, Gordon said the sector has a massive upside potential due to several developments.
For instance, Apple is looking to dabble in crypto technology, and the metaverse is expanding rapidly. Gordon also believes that the US being the top jurisdiction for crypto miners is ideal for BTC’s performance.
Despite this bullish prediction, Gordon reiterated the stance of many experts, saying he believes investors should add BTC to their portfolios. However, the amount of BTC they purchase should be small. He disclosed that digital assets only make up 3% of his portfolio.
He added that,
I’m bullish, but volatility is so extreme, please be careful and understand what you’re dealing with here.
The Federal Reserve might trigger BTC’s crash
Reportedly, Jerome Powell, the Federal Reserve’s Chair, triggered BTC’s recent rally after saying the authority does not intend to ban crypto. However, the Federal Reserve might hinder BTC’s growth, according to Chantico Global founder and CEO Gina Sanchez.
Speaking in the same interview as Gordon, Gina said,
As the economy continues to reopen and the numbers start to heat up, at some point we will see the Fed stepping back from its massive monetary support, reducing liquidity in the markets and potentially stifling crypto performance.
She added that central banks trying to create digital currencies could also prevent crypto growth. According to her, central bank digital currencies (CBDCs) have the potential to edge out conventional cryptos, seeing as they have a regulatory advantage. Should central banks create CBDCs, Gina believes the digital finance space would have big winners and big losers.
Echoing Gordon’s sentiments, Gina said anyone that invests in BTC should ensure their position is small.
This news comes as Bitcoin (BTC/USD) continues shedding value after setting a new ATH at $68,530.34 (£50,623.02). At the time of writing, the coin is trading at $66,904.24 (£49,453.27) after losing 1.82% over the past 24 hours.
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