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Bitcoin Could See $50,000 Again if This Pattern Holds Up, Says Fundstrat

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Tue, 1/06/2021 - 4:52
Bitcoin Could See $50,000 Again if This Pattern Holds Up, Says Fundstrat
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Bitcoin could be on track to revisit the $50,000 level despite recording its third-biggest monthly drop in its entire history, according to Wall Street research firm Fundstrat.

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The flagship cryptocurrency is in the middle of forming the inverse head and shoulders bottom pattern.

Bitcoin
Image by @zGuz

Fundstrat’s Tom Lee says that the fact that Bitcoin continues to make a series of lower highs is actually “a good sign.”

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Lee’s permabullishness  

As reported by U.Today, Lee claimed that Bitcoin could still exit this year over $100,000 despite recording a brutal correction.    

In its April research note, Fundstrat also reiterated its prediction that Ethereum could touch the $10,000 level this year.        

Fundstrat’s analysis, however, should be taken with a pinch of salt given that Lee gained notoriety during the 2018 crypto winter for making consistently wrong price predictions.              

Bitcoin is currently sitting at $36,794 on the Bitstamp exchange. It is down about 43 percent from its all-time high of $64,895.      

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