Todd Gordon, founder of Inside Edge Capital Management, says Bitcoin (BTC)’s latest push is likely the first step, but investors should be mindful of how divergent they are to cryptocurrencies.
Todd Gordon: We don’t have a resistance up to $150,000 in Bitcoin (BTC)
“I think it should be part of client portfolios, but a small part,” Gordon told CNBC’s “Trading Nation” after Bitcoin hit ATH levels on November 9 and 10. At the same time, Gordon added that he expects 6-digit prices from Bitcoin:
Actually, we don’t have a resistance between $125,000 and $150,000, so… I think it’s going to get there.
Todd Gordon dedicates about 3% of his portfolio to cryptocurrencies
Saying that he dedicates 3% of his portfolio to cryptocurrencies, Gordon says that while Apple is researching crypto technology, mining is concentrated in the USA as a result of the China ban and the expansion of the metaverse, and despite the “surprising” volatility of its market, it has several upstream catalysts:
I’m bullish but the market is extremely volatile, please be careful and understand what you’re dealing with here.
Gina Sanchez, founder and CEO of Chantico Global, said in the same interview that the Fed could become one of Bitcoin’s biggest headwinds, despite Federal Reserve Chairman Jerome Powell saying he wasn’t considering a crypto ban, helping spark the latest rally. Sanchez, who is also chief market strategist at Lido Advisors, thinks future Fed decisions will negatively impact the cryptocurrency market:
As the economy continues to reopen and the numbers begin to warm up, we will at some point see the Fed back off from massive monetary support, curbing liquidity in the markets and potentially suffocating crypto performance.
Sanchez also warns that global central banks trying to create their own cryptocurrencies could also pose a threat:
Central bank cryptocurrencies (CBCD) have the potential to have an edge when it comes to regulation, and that’s the big unknown about crypto right now. It can create big winners and losers.
cryptocoin.com We can say that Sanchez, whose explanations we have quoted, agrees with Gordon, who owns Bitcoin (BTC). He thinks small positions like Gordon are safe at Sanchez:
If you take a position, it must be a very small position.
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