Thomas Lee Gives Three Signs As To Why Bitcoin Price Will Reach New All Time Highs In 2020
Thomas Lee Believes That Bitcoin Could Reach New Highs In 2020
After an entire year of FUD in the market, Thomas Lee, co-founder at Fundstrat Global, mentioned that he is bullish about Bitcoin (BTC) and that it will be reaching new highs in the upcoming 20 months.
Thomas Lee Remains Bullish About Bitcoin
During a conversation with CNBC “Futures Now,” he gave a few reasons why he remains bullish about this digital currency.
— CNBC Futures Now (@CNBCFuturesNow) April 25, 2019
He mentioned that there are 11 signs that we must take into account and that only take place during crypto bull markets. Some of these signs have already affected in a positive way the crypto market.
One of the things he takes into account to know whether Bitcoin is growing and expanding or not is the number of on-chain transactions that take place on the Bitcoin network. Compared to a year ago transactions are showing positive growth. Indeed, they could soon surpass their all-time high experienced in December 2017 when Bitcoin was skyrocketing.
According to BitInfoCharts, Bitcoin transactions have surpassed 400,000 in the last few days. Bitcoin’s transaction record was registered on December 14 when the network handled 490,000 transfers in just a day.
Moreover, Thomas Lee says that Bitcoin crossed above the 200-day moving average and that a golden cross was formed with the 50-day moving average crossing the 200-day moving average from under on the daily chart.
In addition to it, Lee mentioned that they surveyed OTC brokers and they reported increased activity in the last months.
About it he said:
“We surveyed OTC brokers, who are really important in facilitating institutional investors, and they’ve all talked about a 60% to 70% increase in activity/number of clients and trading volume per client. Fundamentals are improving, technicals are improving and activity by holders is improving too.”
At the same time, he said that Bitcoin is likely to see new all-time highs in 2020. There are many Bitcoin bullish analysts that believe that the digital currency will be experiencing a price increase in 2020 as well.
Nonetheless, there are some things that are bearish for the cryptocurrency market as well. For example, Tether and Bitfinex are currently under investigation by the New York Attorney General’s office for purported fraud. Although the crypto market is currently falling, this can improve the conditions in which firms operate in the market in the future and reduce fraudulent activities.
At the time of writing this article, Bitcoin is being traded around $5,300 and it has a market capitalization of $93.6 billion. After the news about Tether and Bitfinex being investigated, Bitcoin fell sharply. In the last 24 hours, the most popular cryptocurrency is falling around 3%. Only just a few digital assets register positive growth in the last 24 hours.