Main navigation

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

News
Mon, 08/09/2021 - 19:00
article image
Alex Dovbnya
Fundstrat’s Tom Lee is convinced that $100,000 is a reasonable year-end target for Bitcoin
Fundstrat's Tom Lee Claims Bitcoin Has Just Flashed Major Buy Signal
Cover image via stock.adobe.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Read U.TODAY on
Google News

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:    

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

Fundstrat
Image by @zGuz

Related
SEC Reaches $10 Million Settlement with Poloniex

$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.

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

article image
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, can be contacted at alex.dovbnya@u.today.