Tom Lee, who is the co-founder of Fundstrat Global Advisors and a well-known crypto protagonists, has recently made a new statement which is featured in today’s headlines on our DC Forecasts Bitcoin news site.
According to Lee and his interview on CNBC, a bull mark for Bitcoin (BTC) could return within six months. In an interview with the publication, Lee said that he would stop giving out timeframes for a price rebound in December.
As a well-known Bitcoin bull and an optimist who predicted that BTC could reach $250k by 2022, Lee now puts his focus for August as the time when the market could see a U-turn. As he told the network:
“I think the key number to watch is the 200-day moving average.”
He continued stating:
“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.”
Lee also referenced Bitcoin Cash’s contentious hard fork in mid-November, stating the following:
“I think the damage that really needs to be repaired is that drop from $6,000 to $3,100. I think it really undermined investor confidence and the dynamics around the market[.]”
As we reported recently, Bitcoin is now stable but beginning to deliver returns to investors through the month of February. The average daily increases are at around 0.5% and this number this month has shrunk to 0.2% leading many to believe that a fresh bear market downturn could be imminent right now.
Ever since its peak of $20,000 in December 2017, Bitcoin (BTC) has seen the longest bear market in its history with a low at $3,100. In December, one analyst predicted that Bitcoin could go to near $1,000 before bearish sentiment ends.
Bitcoin is positive on the day, however, and is trading at $3,952 with a 1% increase and a $11 billion in trading volume, which is a positive indicator. The total cryptocurrency market cap has also risen to nearly $137 billion and a positive outlook before the weekend is clearly on its way.
It remains to be seen if Lee will correct his statement or will reinforce it over the next couple of weeks.
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