Fundstrat’s Tom Lee Doubles Down on Another Bullish Bitcoin Price Prediction for 2019
Fundstrat’s Tom Lee has issued yet another positive prediction for Bitcoin. The known Bitcoin bull made headlines back in December after predicting a sharp increase in the cryptocurrency’s valuation that would have seen it eclipse $10,000.
Lee recently spoke on CNBC’s “Futures Now” on how 2019 is a “year about repair” for Bitcoin’s price.
He pointed out how the cryptocurrency’s technical indicators are stabilizing, alongside a
“risk-on rally in global markets that's positive for bitcoin.”
Lee also mentioned how Bitcoin’s utility is growing, which in his mind is helping the cryptocurrency set up for a strong 2019. He noted how companies like JP Morgan and Mizuho Bank have launched digital currencies, and how Bitcoin is becoming more popular in places like Venezuela.
According to Lee, interested Bitcoin buyers should keep their eyes on the 200-day moving average. He thinks the cryptocurrency could regain some of the price ground lost in late 2018 if it crosses “above its 200-day by August,” assuming the current price still hovers around $4,000.
Overall, Lee asserted
“I think the outside window is five or six months before bitcoin starts to look technically like it's back in a bull market.”
Lee’s speculation echoed other comments by online crypto analyst ‘Galaxy BTC’ in February. They said price action at the time seemingly would lead to a price of at least $6,000 by the end of March.
Galaxy BTC said if Bitcoin was able to move past its Adam valley high of $4,390, it would probably begin a journey towards a full economic recovery. Bitcoin is hovering around $3,860 halfway through March, so it has a long way to go to meet Galaxy BTC’s prediction right now.
Recent Bitcoin price analysis said traders can start to be comfortable once prices push past $4,000 since there would be an expectation of a rally to send Bitcoin edging past $4,500.
Now, aggressive traders should buy at each dip and maintain tight stops around the $3,700 price point or the March 5th lows.