Tom Lee Predicts That Bitcoin (BTC) Price Could Skyrocket by Nearly 200 Percent in Six Months

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Wed, 02/05/2020 - 06:29
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    Fundstrat's Tom Lee expects the Bitcoin (BTC) price to continue rallying after its better-than-expected performance in January

Cover image via www.youtube.com

Fundstrat's co-founder Tom Lee is certain that Bitcoin (BTC) might extend its January gains. In fact, he believes that the top cryptocurrency could surge by nearly 200 percent in the next six months. 

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Lee expects Bitcoin to levitate

In his latest interview with Yahoo! Finance, Lee pointed out that Bitcoin broke above its 200-day moving average (DMA). Historically, BTC would bring its investors stellar returns after each such occasion.      

"Whenever bitcoin breaks back into its 200-day, its average six-month gain is 197%, so we’re sort of talking about a levitation taking place." 

Earlier, Fundstrat estimated that Bitcoin's win rate increases to an impressive 80 percent when it is trading above the widely-tracked average. 

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An unlikely safe haven

Lee also reiterated that he expects Bitcoin to generate much higher returns in 2020 because of geopolitical events. The latest example could be the coronavirus epidemic, which is believed to have fueled Bitcoin's price rally in late January.  

“These geopolitical events including coronavirus and geopolitical tensions really improve the use case.”   

As reported by U.Today, CME Group CEO Terry Duffy said that BTC was "more of safe haven" that is similar go gold. However, Bloomberg recently called this narrative into question.  

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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.

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