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Will the Bitcoin price triple this year to $40,000?
According to Fundstrat Global advisor founder Tom Lee, BTC will break into a new ATH this year that could be around $27,000-$30,000.
Additionally, just two weeks ago, we broke above the 200-day moving average, which means we are back in a bull market.
Historically, on average, this breakout has resulted in six months gains of about 190%.
However, this time Thomas Lee believes the Dow Jones Industrial Average would be the first one to break the 30,000, though Bitcoin (BTC) would be the one to hit $40,000, he said.
“Best evidence that Bitcoin is in a bull market is the denial by those with no exposure… BTFD“
Bitcoin Price Hits $10,500 as Fed Chairman Confirms Crypto Is a Threat to U.S. Dollar The BTC price and the overall crypto market reacted positively after Fed Chairman Jerome Powell recently stressed on the importance of private crypto-based transactions.
He said that the Fed is working on a number of projects for digital currencies. Bitcoin price surged over 5% on Tuesday, February 11th, pushing it to a five-month high above $10,500 levels.
With this move, BTC has surged nearly 50% since the beginning of 2020. This latest price surge comes after the Federal Reserve chairman Jerome Powell expressed his interest in digital currencies.
Congressman Bill Foster raised concerns about China’s aggressive push to the use of digital currencies.
Responding to this, Powell said that the Fed has several projects underway.
This was enough to usher a fresh optimism in the crypto market.
Apart from Bitcoin, a majority of the top-ten cryptocurrencies are showing gains between 5-10%.
The overall cryptocurrency market cap added $20 billion soon after Powell’s comments, taking it to above $300 billion.
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.