As per a recent article by Marketwatch.com, it seems like the crypto market is in for some good news. Fundstrat Global Advisors, founded by Tom Lee, reports that Bitcoin is about to surge 200 percent.
Charts are showing good signs
Early this week, the major crypto asset suddenly rose by almost 20 percent. Since its ATH in December 2017, this has been the best return of the price in percentage, which only lasted one day, however.
Then on Wednesday, the BTC/USD trading pair jumped to $5,022, and the BTC price got 50 percent higher after the minimum Bitcoin hit in December 2018 – nearly $3,200.
Fundstrat Global Advisors has calculated that if Bitcoin’s technical figures continue playing out, BTC may eliminate a great part of the losses the market suffered in 2018. For this to happen, BTC must close above its 200D. Then its win-ratio will total 80 percent. If it remains under the 200D, the ratio will be only 36 percent. This is what a research note of the fund says.
“Based on BTC’s trading history, a move above the 200D for BTC is meaningful statistically. When BTC is above its 200D its win-ratio is 80% compared to a mere 36% when it is below its 200D.”
BTC going above 200D is a ‘big deal’
Just two days ago, the 200-day MA was fixed at the $4,620 level. This means that a jump by 193 percent would get BTC to rise to $13,500. This price has not been around since January last year.
The next resistance level is expected to be $6,000.
A popular crypto analyst on Twitter, CryptoHamster, also encourages traders to face a BTC correction and then see it surging further than it has now.