Bitcoin Price Breakout Scheduled for August, Says Fundstrat’s Tom Lee
William Suberg's original article for cointelegraph.com reduced by 54%
Fundstrat Global Advisors co-founder Thomas Lee broke with tradition about Bitcoin price forecasts on March 14, telling CNBC he thinks a bull mark could return within six months. In an interview with the publication, Lee, who is well known as a Bitcoin bull - but said he would stop giving out timeframes for a price rebound in December - now claimed August could see a market U-turn. "If Bitcoin holds above $4,000, it'll cross its 200-day 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." "I think it really undermined investor confidence and the dynamics around the market[.]".
As recently reported, Bitcoin had begun to deliver returns to investors through February, with average daily increases of around 0.5 percent. The number this month has shrunk, with daily numbers closer to 0.2 percent, leading some to think a fresh bear market downturn could be imminent. Since peaking at all-time highs around $20,000 in December 2017, Bitcoin has seen the longest bear market in its history, with subsequent lows averaging just above $3,100.
In December, fellow market analyst Tone Vays sounded a more intense warning, forecasting BTC/USD to fall to near $1,000 before bearish sentiment definitively ends.
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