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Bitcoin Will Reach $91,000 in Two Years, Says Tom Lee

  • Darryn Pollock
    📰 News

    Bitcoin may be down in the dumps again, but Bitcoin Bull Tom Lee is setting sights on $91,000


Bitcoin Will Reach $91,000 in Two Years, Says Tom Lee
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Tom Lee, renowned Bitcoin Bull and head of Wall Street company Fundstrat Global Advisors, has often put his prediction for Bitcoin forward, but his latest assumption takes the cake. The Bitcoin Bull, having looked at a few indicators and graphs, believes that $91,000 will be reached by March of 2020.

Lee, in July of last year, pegged his 2020 prediction at $55,000 and now has almost doubled it despite Bitcoin going through another slump in the wake of Google banning cryptocurrency adverts.

Lee is basing his predictions off a few metrics and indexes, including one he created himself, the Bitcoin Misery Index.


BMI

Lee’s Bitcoin Misery Index (BMI) states that the best time to buy the volatile cryptocurrency is right now while it suffers its latest slump.

He suggests when the index is below 27, it's a good time to buy. The BMI is currently tracking in the mid to high teens. Commensurately, when the BMI is in excess of 67 on the scale of zero to 100, Lee says it's time to sell.

This is just one index that Lee and his company are using in making the $91,000 prediction. The model employs measures such as the cost of mining Bitcoin, daily, hourly and monthly trading trends, and traditional technical analyses by charting patterns to make predictions about price movements.

Down, then up

Lee and his team, using these prediction charts and indexes are arguing that, in the last few Bitcoin downturns, where the digital currency has fallen by 70 percent or more, there has been a significant return in gains.

Bitcoin has fluctuated this year from its $13,000 start from just above that mark to as low as the upper $6,000 mark. Its movement has been volatile but has not seen the same swings as was evident in 2017.

This has led some to suggest that the interest and enthusiasm over Bitcoin is waning. However, there are still big predictions and promises that the digital currency will make some of the gains it is well regarded for.

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Bitcoin's April 2 Breakout Was Reportedly Orchestrated by One Trader


Bitcoin's April 2 Breakout Was Reportedly Orchestrated by One Trader
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It’s been over two weeks since Bitcoin’s astronomical surge on Apr. 2, but new theories about what might have caused this bullish uptick continue to pop up. According to crypto-oriented analytical firm CoinMetrics, that epic surge was causes by a single trader.

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Mammoth-size trades

CoinMetrics claims that ‘a single committed trader’ concocted a plan to push the BTC price, and he successfully managed to do that by picking the time of the day when the global liquidity is at its lowest level.


(Source: CoinMetrics.io)

(Source: CoinMetrics.io)  

The report also suggests that the trader started to execute his plan on HitBTC (500,000 USDT were traded for Bitcoin prior to the price movement). After that, large trades were observed on Coinbase and Bitfinex.      

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Focusing on the future

Meanwhile, as reported by U.Today, another theory states that the rapid price surge was triggered by the expiration of the CME futures contracts and heavy spot and over-the-counter buying. One expert went as far as claiming that a simple April joke about the Securities Exchange Commission (SEC) could do the trick.

While no one is quite sure about what could have triggered the short-living rally, there is even a bigger disconnect when it comes to Bitcoin price predictions. While some share their bullish predictions for 2019, another report states that it could take 22 years for Bitcoin in order to match its current ATH of $20,000.

'Bitcoin symbol and graph.Vector illustration.' image by 123rf https://ru.123rf.com/photo_69329295_bitcoin-symbol-and-graph-vector-illustration-.html?term=bitcoin&vti=njv6v7w01tymanucm1-1-82
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