Since April this year, significant moves by Bitcoin has seen the price pump from $4,100 to almost $14,000. Once again, cryptocurrencies are gracing the home pages of mainstream media outlets, and public interest is duly peaked.
Sentiment on whether crypto winter is indeed over still divides opinion, but Fundstrat’s Thomas Lee continues to push a bullish narrative. As long ago as May, following Consensus 2019, Lee cited 13 signs that a recovery is well underway. And in a recent interview, he even calls a Bitcoin year-end price of $40k.
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
Bitcoin Expectations
With numerous factors in play right now, from CFTC futures approvals to the influence of Facebook’s Libra, to speculation on the SEC finally giving Bitcoin ETFs the green light, the rest of 2019 promises to be eventful.
And following recent price action, market anticipation of an extended bull-run is high. Indeed, fueled by growing institutional involvement, and a burgeoning realization that BTV isn’t going away, the expectation of blowing past $20,000 is immense.
In a recent interview, Lee presented his technical analysis of BTC and shared his reasoning by saying:
“This year has been a cascade of things that have reinforced that crypto winter is over. I think the first, most important thing was Bitcoin reattained its 200 day moving average. And in its 10 year history, whenever it’s above its 200 day, its price return is ten times better than when it’s below its 200 day… And then we had the golden cross, right, so the 50 day crossed above the 200 day.
The post Prominent Analyst Shares His Reasoning For $40,000 Bitcoin By 2019 appeared first on NewsBTC.
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