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The Bitcoin price is primed for average gains of almost 200% over the next six months, one of its best-known supporters has told mainstream media.
Speaking to Yahoo! Finance on Feb. 4, Tom Lee, co-founder at Fundstrat Global Advisors, said one bullish technical factor, in particular, made him “really optimistic” about the BTC price short-term potential.
“Notably in January – January is usually a week month, it was a great month for Bitcoin, up 26% – but it also recovered its 200-day moving average,” Lee explained.
“That’s a big deal as you know, as anyone who’s a trend follower knows – when you’re back above your 200-day, you’re back in a bull market. Whenever Bitcoin breaks back into its 200-day, its average six-month gain is 197%.” – Tom Lee
Crypto CEO: Bitcoin Will Hit Record High of $30,000 in 2020 for This Reason
The Bitcoin halving plus geopolitical demand drivers may push Bitcoin (BTC) above its previous all-time high in 2020.
The CEO of the crypto asset startup Celcius believes that the combination of the two could see the leading digital asset reach as high as $30,000 before the end of this year.
Alex Mashinsky believes that most people underestimate the impact the halving this spring will have on the Bitcoin price.
The increasingly entrenched “store-of-value” narrative in an increasingly unstable world may drive the price up sooner than most people think.
Mashinsky says that most people are underestimating the impact of the halving. He takes the popular opinion that global political uncertainty makes the leading crypto asset increasingly popular.
Calling Bitcoin “the doomsday insurance”, he states: “I think that Bitcoin ends the year with a new high. I estimated $30,000 but it’s going to be somewhere between $20,000 and $30,000.”
Mashinsky also comments that a bullish Bitcoin will likely drive the rest of the industry up too.
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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.