TOM LEE: “BITCOIN WILL REACH NEW HEIGHTS IN 2020”
The founder of the company Fundstrat Global Advisors and well-known cryptocurrency enthusiast Tom Lee said that next year bitcoin will reach new heights.
In an interview with CNBC, Lee said that the first cryptocurrency did not complete the upward movement and will reach new heights in 2020. According to him, this is indicated by 11 signs, which were observed only in the “bull” market. He also reiterated his opinion that “a new cycle of the bull market is beginning”.
Lee said that 3 out of 11 indicators are technical indicators, trading volumes and blockchain indicators. All of them signal the end of the market decline cycle. In January, his team found that year-on-year trading volumes began to increase, and in April, the bitcoin exchange rate crossed the 200-day moving average. In addition, volumes are increasing on the stock exchanges, where large and institutional investors trade.
“I think that you can see the improvement of fundamental factors and technical indicators, and now the activity of cryptocurrency owners has begun. So I think bitcoin will reach the $14,000 mark,” Lee said.
At the end of last year, Tom Lee expressed the view that the fair price of bitcoin is in the range of $13,800-$14,800.