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Fundstrat's Tom Lee Claims Bitcoin Has Just Flashed Major Buy Signal

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Mon, 9/08/2021 - 19:00
Fundstrat's Tom Lee Claims Bitcoin Has Just Flashed Major Buy Signal
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During his most recent CNBC appearance, Fundstrat’s Tom Lee said that he had spotted a major risk-on signal for Bitcoin.    

Earlier today, Bitcoin surpassed the $46,000 level for the first time since May 17.

Most importantly, the cryptocurrency managed to move above its 200-day moving average that is currently sitting at $44,982.    
  
Lee believes that it could be the perfect spot for buying Bitcoin since the average gain is almost 180 percent. Hence, he reiterated Fundstrat’s rule #3 for cryptocurrency investing:    

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You always buy Bitcoin when it breaks above its 200-day moving average.  

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$100,000 is still in play

Lee claims that his earlier prediction about Bitcoin reaching $100,000 by the end of the year is “pretty reasonable.”      

As reported by U.Today, he forecasted that the largest cryptocurrency could even touch $120,000 in 2021.   

The Fundstrat analyst also noted that the flagship cryptocurrency had managed to weather regulatory and legislative assaults in both China and the U.S.

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Bitcoin has been extremely resilient despite the ongoing uphill battle in Washington about the wording of a cryptocurrency provision in the infrastructure bill.

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