Bitcoin (BTC) Price Will See Major Breakout this August, Says Fundstrat’s Tom Lee

bitcoin price gain

Thomas Lee, the co-founder, Managing Partner and the Head of Research at Fundstrat Global Advisors has predicted a major turnaround in bitcoin price around August. Lee who is a known bitcoin fan spoke during an interview with CNBC where he raised fresh hopes of bitcoin Bull Run this year.

He said:

“I think the key number to watch is the 200-day moving average…If Bitcoin holds above $4,000, it’ll cross its 200-day [moving average] by August, so I think the outside window is five to six months before Bitcoin starts to look technically like it’s back in a bull market.”

He faulted the controversial hardfork of Bitcoin Cash (BCH) which caused a massive downturn in cryptocurrency markets around November. “I think it really undermined investor confidence and the dynamics around the market,” he told CNBC. “I think the damage that really needs to be repaired is that drop from $6,000 to $3,100”

Bitcoin (BTC) Price Predictions for 2019

In February, Bitcoin and some other major cryptocurrencies marked the first positive month in several months as BTC ended the month around $3,854 to the USD, more than 3,457 the price it started the month. During the month, the value of bitcoin bets in short position—that is, people betting against bitcoin price increase—dropped to a 6-month low. The lower BTC shorts indicates confidence in the market.

However, following a drop and recovery in crypto prices in recent weeks, the market isn’t so confident. BTC has failed to break the $4,000 mark after hovering around $3,900 for over a week. This means the most popular cryptocurrency in the market has not tested a major resistance at $4,200.

Now, some analysts believe that Bitcoin is losing steam and might head south before its goes up. According to Bloomberg analyst Mike McGlone, “The entire industry is ripe to resume a path to lower prices.”

He explained:

“Conditions are akin to November [2018], just prior to the collapse. Prices are consolidating within narrowing ranges, with a few sharp bear-market rallies that appear fleeting.”

In 2018, Bitcoin tested yearly low of around $3,100 nearly a year after it reached an all-time high of almost $20,000. Although some analysts claim bitcoin have seen the lows of the crash, others like Tone Vays warned that BTC may fall to as low as $1,000 before the end of the crypto winter.

CBOE Will Not Offer Bitcoin Futures (XBT) in March 2019

Chicago Board Options Exchange CBOE which first listed bitcoin futures contracts has announced that it will not offer new bitcoin futures (xbt) contracts this month, As Smartereum reported, the exchange is reevaluating its approach to digital asset offering.

Past Cryptocurrency Prediction by Thomas Lee

Lee has made really audacious bitcoin predictions in the past including the famous $25,000 prediction in 2018.  Later in November Lee reviewed his prediction downward to $15,000 but even that was not feasible as BTC ended 2018 around $3,740.

Bitcoin (BTC) Price Today / USD

NamePrice24H %

How much is 1 BTC Today?

At the time of writing, Bitcoin is trading at $3,947 according to data from coin market cap while trading as much as $3,989 on Bitrex exchange according to BTC TradingView charts. The bitcoin dominance has dropped to 50.8 percent, its lowest point in this year as altcoins improve against the BTC. This comes after Stellar Lumens (XLM) continued to surge after listing on Coinbase Pro.

Riccardo Lopp is a writer specializing in Crypto, ethereum and whole blockchain ecosystem. His background is in economics and statistics.


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