Bitcoin (BTC) Price Predicted to Skyrocket to $40,000 by Tom Lee

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Tue, 02/11/2020 - 05:48
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    Fundstrat's Tom Lee ups the ante after Bitcoin's (BTC) sudden drop below $10,000 left a dent in the bull case

During his recent appearance on CNBC's 'Power Lunch,' Tom Lee of Fundstrat Global Advisors predicted that the Bitcoin (BTC) price could witness a moonshot to $40,000 this year. His bullish prediction comes after the coin took a nosedive below $10,000.

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Major catalysts

Lee reiterated his earlier talking points to explain why BTC is going to rally hard this year. He thinks that its price action will be driven by major global events such as the coronavirus outbreak as well as bullish technical signals. 

Bitcoin tends to gain about 190 percent on average in the next six months when it breaks above its 200-day MA. The Fundstrat founder is convinced that this is the reason why BTC could see another all-time high soon.  

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Bitcoin or the Dow? 

The Fundstrat analyst thinks the Dow Jones Industrial Average would be first in a race to 30,000. However, Lee later corrected himself in a tweet, claiming that BTC would beat the Dow to $40,000. 

Earlier, Lee predicted that BTC would reach a new high after the US equities market but this wasn't the case

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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