Tuesday, July 14, 2020

Tom Lee Says Bitcoin’s Bull Market Will Return in August

Tom Lee is known to be extremely bullish about Bitcoin due to his predictions about the virtual asset and even the most current one. The co-founder of Fundstrat Global Advisors while in an interview with CNBC on March 14 said he expects Bitcoin price breakout to occur five to six months from now.

Bitcoin’s Price to See an improvement by August this Year

Based on the details of the interview, Tom Lee is of the opinion that the market will see an improvement by August this year. He, specificallly, pointed out that beteen five to six months from now, a pace will be set that will lead to the next bull market. How that will come to be was also outlined by the cryptocurrency enthusiast.

According to Lee, if Bitcoin maintains a price above $4,000, then there is a possibility of the 200-day moving average being crossed in a few months from now. In his own words, “If Bitcoin holds above $4,000, it’ll cross its 200-day [moving average] by August, so I think the outside window is five to six months before Bitcoin starts to look technically like it’s back in a bull market.”

Bitcoin’s Decline to $3,100 Undermined Investors Confidence

In the same vein, the co-founder noted that the drop in Bitcoin’s price from around $6,000 to $3,100 is the damage that needs to be fixed. The latter had undermined the confidence of some investors in the market. It also undermined the market’s dynamics, he added.

Tom Lee is reputably known for his bullish predictions about Bitcoin. In 2018, he was confident that Bitcoin will end the year at a price of around $25,000. Later, he reduced the value to $15,000. On December 21, Lee said he is tired of people asking for price targets and as such, time frames around fair values will no longer be set.

That aside, his $15,000 prediction never came to be given that the virtual asset devalued even further. In a recent comment, Lee stated that Bitcoin still has the potential of making it to $25,000. Nonetheless, he has not put a date as to when that will happen this time around.

More Bullish Predictions About Bitcoin’s Price in the Long Run

Asides from Tom Lee, other cryptocurrency enthusiast are also bullish about Bitcoin’s price in the long run. Lee’s own may be in a couple of months, but theirs is a few years from now. For instance, Tim Draper, a venture capitalist sees $250,000 as a possibility for Bitcoin by 2022.

Others like MagicPoopCannon, a professional trader who successfully predicted Bitcoin’s decline to $3000 in 2018 also sees the virtual currency making headway in a few years. According to the crypto analyst, in four years time, Bitcoin will be valued around $150,000. He added that we may have just seen its bottom, and if that isn’t the case, the virtual asset will only decline slightly from $3,100.

Latest News

Low-Cap Index Hits All-Time High as Small Cryptocurrencies Rally

A novel index of 50 low-capitalization cryptocurrencies made new all-time highs as it continues to outperform bitcoin.

The Real Story Behind Tesla’s Crazy Rally

As Elon Musk settles into being richer than Warren Buffett, NLW looks at what is driving the Tesla stock rally.

Google Searches for Chainlink Hits Record High as Link Token Rallies

Have you googled Chainlink lately? You're far from the only one, according to new data.

Blockchain Bites: It’s Never Been Harder to Mine Bitcoin

Bitcoin's mining difficulty is at a record high, Singapore's CBDC may find commercial use and Chinese companies are going in on Filecoin.

Polkadot’s Inaugural Vote Could Expand DOT Supply by 1000x

The first vote on Polkadot will be to see whether the DOT supply should be redenominated by a "logical" 100x or even by 1000x.