The head of Fundstrat's research claims that Bitcoin has crossed its two hundred-day moving average. This movement represents a notable market movement and supports the evidence that the main crypto asset will experience great profits this year.
Thomas Lee, the Head of Research at Fundstrat Global Advisors, tweeted his latest analysis of the recent Bitcoin price movement, along with claims that the flagship cryptocurrency seems to be in recovery. Lee bases this claim on the Bitcoin 200-day moving average, which has now been crossed. In particular, this movement is a strong indicator of an emerging bull market.
– Thomas Lee (@fundstrat) January 29, 2020
Lee has also stated that the annual Bitcon gain of 26% represents the largest of the main asset classes, and the use of cryptocurrency as a safe haven asset is a likely taxpayer. It is also worth noting that the price of BTC has risen even more since this tweet.
– Gold is up a decent 3% vs a whopping 26% for Bitcoin pic.twitter.com/GWKEfYGcut
– Thomas Lee (@fundstrat) January 28, 2020
While Bitcoin is known for its market volatility, the moving average adds a degree of clarity to its price movement. Experienced operators have used it for a long time as an important analysis tool, both for cryptocurrency and for traditional financial markets. Therefore, Lee's projection is remarkable.
Tom Lee's analyzes have been accurate on important occasions.
Lee has been optimistic about Bitcoin recovery for quite some time, with an impressive degree of accuracy. For example, last May correctly predicted that the main asset would remain above $ 6200.
After a disturbing pullback to ~ $ 6,200, #Bitcoin back> $ 8,000 further cementing positive trend intact.
As we said a few weeks ago, Consensus 2019 @coindesk was to prove whether crypto winter is over…
… Confirmed pic.twitter.com/M8ni4g2YvX
– Thomas Lee (@fundstrat) May 19, 2019
Of particular interest is the next Bitcoin halving, which has always marked a rising price movement. This event is expected to occur in May and will reduce the reward per block to 6.25 BTC. This step will significantly reduce the amount of Bitcoin that is being created and, therefore, will likely raise prices.
Renowned trader Peter Brandt is also optimistic with Bitcoin at this time, after highlighting a number of key factors that support the likely continuation of Bitcoin in a recent tweet.
Simply put, the current increase in Bitcoin prices is too significant to be overlooked as an anomaly, and while it is reasonable to assume that volatility will remain the norm, there is little debate that investors are having a much greater interest in the investment in cryptocurrencies. The fact that Bitcoin has been as profitable this year as some of the most popular shares in the market has not gone unnoticed.