Bitcoin is going to make new all time highs and it's going to happen within the next year or so.
Well, at least according to Tom Lee.
Tom Lee was on CNBC talking about how the crypto winter has thawed and how there are all kinds of signs pointing to bitcoin now being in a bull market.
(Source: https://www.cnbc.com/2019/04/28/bitcoin-bull-tom-lee-says-new-crypto-highs-likely-by-2020.html)
One being that bitcoin has now crossed above its 200 day moving average for the first time in years.
It also just recently had a golden cross, where the 50 day moving average crosses the 200 day moving average to the upside.
That hasn't happened since October of 2015.
But wait, there's more...
Those technical factors mentioned above combined with the fact that the halving is now only about a year away adds to his Lee's thesis.
Also, his self created Bitcoin Misery Index is printing numbers only seen in bull markets, historical.
Combine all that and Tom Lee says bitcoin's bear market is over.
He said most of these factors are also likely to push prices towards new highs somewhere around 2020. Could be beginning of 2020 or end of 2020, but that's his target year for new highs.
If all that wasn't enough...
Lee also went on to say that bitcoin may play catch up to the S&P.
The S&P is having a very good year, historically good in fact, and if bitcoin were to play catch up like it has done historically (to the tune of a 2.5 standard deviation)...
We could be looking at prices of around $13k or so.
So, if you didn't already feel the tides changing, you can feel them now.
Another good indicator that there was that there was no follow through from the tether news... IE bitcoin sold off initially but has since recovered some and hasn't had any follow through to the downside.
Stay informed my friends.
-Doc
I have been trying to buy bitcoin close to market price so that I can put it into steem power but have to wait, i missed the little spike from 6200 Satohis to 7000 Satoshis now... hopefully it goes down next week
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Well you don't have to wait... but I think you may get lower prices over the next two weeks so waiting may work in your favor.
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Lower prices for bitcoin or steem? Or both
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Probably both if bitcoin dips.
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Though I was mostly referring to bitcoin.
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It can take its time and build a strong base. AND give me more time to get mine.
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I hear you on that. I would love to see some throw-back to the 200 day moving average. Would love to buy right off that.
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I have good hopes for the next year too ... :)
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I think we will have a minor surge this year and then a bigger one end of 2020 and early 2021.
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Love the optimism 👍😁👍
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He's a smart dude too. Right more often than he is right, well before crypto anyways.
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@jrcornel I guess, we will see Btc around 14000$ by the end of this year.
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Works for me!
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S&P Sell in May and Go Away (if one goes by history)
Crypto - A Rally in May ? due to technical indicators.
this would be good to watch if it happens.
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Yea I think bitcoin is actually going to dip in May, after a stellar April. Some pullback is expected. This is the pullback you want to buy though I think.
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Ok... Lets hope for the best.
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I always do!
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Great 🙂.
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Works for me!
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We will soon be ready to challenge that $6k level which will be the challenge for the new trend setup! I still believe it will be led by altcoins despite their recent weakness!
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Altcoins usually follow after bitcoin starts trading sideways...
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Though not always.
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Thanks.
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I love when I see "experts" confirming my beliefs and analysis... It's such a comforting feeling :D
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Yep, it does help for sure.
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