Tom Lee: BTC can reach $27,000 in six months
Bitcoin value should go up to $27,000 in the next 6 months, Tom Lee, co-founder of Fundstrat Global Advisors, said.
He pointed out that BTC had moved back above its 200-day moving average — previously this led to a strong upward movement. In addition, halving scheduled in May, geopolitical tensions and even the epidemic of the coronavirus in Cina will become positive factors for the price of bitcoin.
“Whenever bitcoin breaks back into its 200 day, its average six-month gain is 197%,” Lee said.
Why Bitcoin has already changed the trend to a growing one
Bitcoin has moved into a growth phase, according to the trader and founder of BloŃkroots Josh Rager. On a chart, he pointed at a series of ascending highs and lows, each of which is higher than the previous one, which is a bullish trend by definition.
“For you BTC bears in denial, the trend has officially changed & many still don’t seem to understand that. I made a chart to show you what it looks like when a trend changes to higher-highs and higher-lows. It’s a simple concept. BTC even closed above a key level at $9,550,” Ranger tweeted.
In the comments, some users disagreed with the trader and told him that on large timeframes, the price will draw the first higher high only it will keep above $9’550 for several days.
Bitcoin has formed a strong bullish signal
Trader Blockchain Blitz noticed a “golden bull cross” that has formed on the BTC/USD daily chart — the intersection of the 50-period and 100-period moving averages. He pointed out that in most cases after this event, the price surged.
“Golden Cross on the 1D chart today for Bitcoin
Historically speaking, from 2014, 7 times out of the 8 this happened, a rip upward followed,” the trader tweeted.
The “cross” appeared last time at the beginning of 2019, after which Bitcoin went up 3.6 times — from $3,700 to $13,300.
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