Saturday, April 4, 2020

Tom Lee: Bitcoin Will Reach $40K Before Dow Jones Hits 40000 Points

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In the race between stock market index Dow Jones and leading cryptocurrency Bitcoin, which of these can get to 40,000 first? Tom Lee, Fundstrat Global Advisors co-founder says Bitcoin will hit that price mark first. According to the Bitcoin bull, the halving slated for May 2020, and geopolitical tensions will give Bitcoin a headstart in the race to $40,000. Lee’s comments were made while in an interview with CNBC on February 10, 2020.

Bitcoin Will Overtake Dow Jones to Reach $40,000

Per the interview, Tom Lee stated that Bitcoin will overtake Dow Jones to reach the $40,000 price mark. According to Lee, Dow may be the first to reach 30,000 points. However, Bitcoin will take the lead, and later on hit $40,000.

Tom Lee also pointed out that the Bitcoin halving slated for May 2020 can impact on the virtual asset’s price significantly. Besides, Bitcoin can surge by 190% within the next six months. The latter he attributed to the fact that this performance was evident in the past after the asset broke out its 200-moving day average. Likewise, the coronavirus risks and geopolitical tension can help the asset to spike higher.

The White House Killed Bitcoin’s Rally in 2019

Fundstrat Global Advisors co-founder further outlined that the White House killed Bitcoin’s rally last year. However, it will be unable to do so this year since it is caught up with the 2020 presidential elections. As such, there won’t be negative press surrounding the leading cryptocurrency.

Bitcoin Records New Year-to-Date High, Surges by 41%

Bitcoin, on the other hand, reached a year-to-date high of $10,129 on February 9, 2020. Since the year began, the asset has surged by 41%. It’s evident that the asset traded upwards, though slow but steady over time. The upcoming Bitcoin halving seems to be a major factor. Also, high sentiments that a lower supply and higher demand can catapult its price exponentially.

Dow, the stock market index in question, is currently valued at 29,276 points, which is its all-time high since it was published in 1896. In contrast, Bitcoin is priced around $9,800, as at press time. The crypto asset launched in 2009, surged to an all-time high of $20,000 in December 2017, barely 8 years after its launch.

Asides from Tom Lee, Anthony Pompliano, co-founder at Morgan Creek Digital also remarked that Bitcoin can hit $100,000 by December 2021. Pompliano backed his prediction by the fixed supply of the virtual asset as well as the increasing demand for it. Similarly, crypto analysts believe that since Bitcoin has broken its psychological level of $10,000, it can spike to higher levels even faster than it has moved at the start of the year.

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