Bitcoin (BTC) seems to be ready to start a new bull run in the market. Thomas Lee, the head of research at Fundstrat Global Advisors, claims that Bitcoin is likely to stage a “pretty big recovery” this year. Bitcoin was in a bear trend for over a year and since February, the digital currency seems to be recovering its price.
Thomas Lee Says Bitcoin Will Recover in 2019
Thomas Lee has been analyzing the crypto market for a long period of time. It is known by most of the enthusiasts that Lee is a perma-bull. That means that he has always been very bullish about the price direction of Bitcoin. He even predicted that Bitcoin could reach $50,000 in 2018, which did not happen though.
This time, Thomas Lee pays close attention to the Bitcoin Misery Index (BMI) that weighs different factors to understand Bitcoin investor sentiment in the market. A few days ago, when Bitcoin surpassed $5,000, the index reached 89 points – or very happy – which was the highest reading since July 2016 and it could show that there is a bullish behaviour in Bitcoin.
Lee has also mentioned that Bitcoin surpassed the 200-day moving average, which is currently close to $4,600. According to Lee, people think that an asset is in a positive trend when it surpasses the 200-day MA. As he explains, Bitcoin’s recovery is taking place faster than expected. Finally, he believes that Bitcoin could recover and reach $20,000 in the near future and move even forward.
At the moment, Bitcoin could be reaching $14,000, since Lee believes that this is the current fair value for the digital asset.
At the time of writing this article, the digital asset can be purchased for $5334 and it has a market capitalization of $94 billion.