Fundstrat Managing Partner Thomas Lee made yet another prediction on the crowning cryptocurrency, Bitcoin. Lee predicts Bitcoin may hit $40K this year, almost triple its current value.
Speaking at the CNBC’s Power Lunch, Fundstrat’s Lee impressed Bitcoiners yet again. He notes that the largest cryptocurrency is going to rally in 2020. As per his prediction, Bitcoin will likely gain 190 percent on average when it records its 200 days moving average. More so, he expects this to happen in the next six months which according to him will be the key reason behind the possible potential value of Bitcoin in 2020.
He later remarked that the DoW or Dow Jones Industrial Average (a stock market index to measure the performance of stock comprising 30 large companies of US stock exchange) could hit $30K whereas Bitcoin could break $40K.
This isn’t the first time Lee making solid commitments over the future price of Bitcoin, earlier in January this year, Lee remarked that the ‘better and healthier dynamic is underway” in 2020.
The improved performance of crypto in 2020 is evidence that a better and healthier dynamic is underway this year. In our view, three positive convergences are acting as tailwinds for #bitcoin and other #crypto in 2020 https://t.co/CcmLtr7M8i
— Thomas (Tom) Lee (not the drummer) FSInsight (@fundstrat) January 15, 2020
With Bitcoin’s volatility in place, how accurate Lee’s prediction can turn out is still a matter of time. However, it’s worth noting that the platform that offers real-time data regarding the crypto market, SkewAnalytics tweeted the positive movement of Bitcoin this year. According to Skew analysis, Bitcoin is already up by 35 percent year-to-date. Elaborating the further stance, Skew writes it as follows;
Noticeably Bitcoin is trading in five digits and as per Lee, the figure will likely be even greater. As he justified his stance by citing several fundamental catalysts and technical factors, we might see the next all-time high of BTC this year.
In a nutshell, Bitcoin on the graph of Coinmarketing is soaring by 0.99 percent within the past 24Hrs. At the time of reporting this, the trading value of Bitcoin counts at $10,409 against USD, valuing the market capitalization of $189,602,464,205.
Bitcoin up 35% Year-To-Date with volatility remaining near record low levels is a positive development for the asset's investability pic.twitter.com/nN2Hv8DSf4
— skew (@skewdotcom) February 11, 2020
Noticeably Bitcoin is trading in five digits and as per Lee, the figure will likely be even greater. As he justified his stance by citing several fundamental catalysts and technical factors, we might see the next all-time high of BTC this year.
In a nutshell, Bitcoin on the graph of Coinmarketing is soaring by 0.99 percent within the past 24Hrs. At the time of reporting this, the trading value of Bitcoin counts at $10,409 against USD, valuing the market capitalization of $189,602,464,205.
So readers, what’s your view on Bitcoin’s price this year? Let us know in the comment below
