Tuesday, September 17, 2019

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.

Related Article:  Russia To Help Iran Build Its Cryptocurrency Infrastructure

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.

More Articles

National Commercial Bank In Saudi Arabia Introduces New Ripple...

The National Commercial Bank (NCB) of Saudi Arabia has partnered Ripple for better means of remittance payment backed by blockchain technology. This marks further...

Crypto Scam: Hijacking Verified Twitter Accounts to Trick Users

Cryptocurrency scammers are now taking advantage of investors in Twitter in hopes of making easy money. The said scammers strategically present themselves as prominent...

Pantera Capital CEO: Bitcoin to Be Just as Popular...

Bitcoin (BTC), as a pointer in a vast cryptocurrency sector, has marked an explosive growth in a very short space of time, and Dan Morehead, CEO of Pantera Capital, does not think its impressive growth rate would be stuttering just yet.

Japan to Reinvigorate the Crypto Market by Reducing Tax

In order to reduce the negative impact of taxation on Japan's local crypto market, the government hinted on its plans to reduce taxation on...

Ethereum Shoots Up, Sharding and Reddit Responsible

Today the ethereum prices have surged 9 percent up, according to ConMarketCap, the site that aggregates all prices of cryptocurrencies in a curated set...

German Finance Minister Believes Cryptos Replacing Fiat Is Near...

The German finance minister expressed his doubts on the potentials of cryptocurrencies replacing fiat currency at the moment. Olaf Scholz stated this while discussing...

Moscow Hosts a Crypto Conference For Women

It is a known fact that men greatly outnumber women in the cryptocurrency industry. As an effort to tip the scales, “The Crypto Conference...

Bitmain, Kraken and Roger Ver Sued for Allegedly Manipulating...

United American Corp. (UnitedCorp) based in Florida has allegedly sued Roger Ver, Bitmain, Kraken Bitcoin Exchange and Bitcoin.com as stated in the Dec. 6...

New Partnership Enables Everyone Purchase Cryptos On Regular ATMs...

Genmega and LibertyX partners to enable the use of a debit card for the purchase of Bitcoin at normal retail ATMs in the United...

35 Million Users to Benefit from New Blockchain Mileage...

South Korean most valuable blockchain project, ICON has recently closed a partnership agreement with Korea’s telecommunication giant SK to use blockchain technology and virtual...

Five Men Arrested For Planning One Million Dollars Bitcoin...

Five men were arrested for planning a 1 million dollars bitcoin break-in, the deputy sheriff of the Forsyth County in Georgia informed today, according to...

Latest Articles

Sygnum Becomes World’s First Licenced and Regulated Digital Asset...

Swiss-based Sygnum, a digital asset investment and solutions provider, has become one of the world's first licensed and regulated digital asset banks after receiving...

The Easiest Way to Pass Your Microsoft MCSA MD-100:...

If you try to think of things that don't use Information Technology in one way or another, it would be a very tough task....

Are Worries Over AI’s Effect on the Financial Jobs...

A recent study by Fountech has revealed that two-thirds of adults living in the UK are concerned that the Artificial Intelligence industry will leave...

Will Cryptocurrency Gambling Kill Land-Based Casinos?

It’s hard to deny that the internet has radically changed the gambling landscape. Sure, the common perception of gambling may still involve the glitz...

Why Some Financial Bubbles Are Necessary Economic Disasters

The history of the worldwide economy is punctuated by financial bubbles. They happen more often than we think.  Fortunly’s infographic below provides a comprehensive...

Microsoft 70-411 Exam: Everything You Need to Know

We can’t deny the fact that the world is moving towards the future faster than ever before. Not a day goes by that we...

Why US-based people can’t bet with bitcoins at online...

Online gambling using bitcoin has been happening since the time when cryptocurrency came into being. In the initial days, gamblers used to opt for...

Couple Pays For Breakfast Using Bitcoin, Community Finds This...

A Reddit user by the username u/portageco recently made a post in bitcoin's official subreddit. In his post, u/portageco boasts about how he paid...

Australian Woman Leads Adoption, Tours 10 Countries Spending Cryptocurrencies

Who says you can't go around the world spending cryptocurrencies? As many believe, cryptocurrencies are only good for speculations. But with a little research,...

Did A Physical Bitcoin Just Sell For $99k On...

As at the time of reporting, the listing on eBay had closed. This could be because the seller got a buyer or he decided...

Litecoin Now Approved In 30,000+ Stores

As cryptocurrencies gain ground, more and more technology-based firms find ways to incorporate the nascent technology into everyday life. Moon, prior to this time,...

How To Shop on Amazon with Bitcoin – Step-By-Step...

Wondered how to shop on Amazon with bitcoin? Then here's how you can purchase goods on one of the largest e-commerce websites that ships...