Founder of Fundstrat Global Advisors Tom Lee has predicted in an interview with CNBC on April 28 that cryptocurrency prices will hit new historic highs by 2020.
During the interview, Lee anticipated that Bitcoin (BTC) is yet to complete its upward movement and will reach an all time high based on “11 signs that historically only take place in a bull market”.
Lee further explained that three out of the 11 signs are already having a positive impact on BTC, indicating that the crypto winter has seen its end. These signs include Blockchain, technical indicators and trading volumes.
In January 2019 Lee’s team observed that trading volumes on the Blockchain were positive at an annual rate, and in April, BTC closed above its 200-day moving average.
In regards to trading volume activity levels based on the number of customers increased by 60 to 70 per cent. This is connected with over-the-counter brokers, who are “really important in terms of how institutional investors trade crypto”.
Lee stated in the interview,
“I think you’re seeing that fundamentalists are improving, technical are improving, and now there’s real activity by, essentially, crypto holders. So I think, a 2.5 standard deviation move for bitcoin would take it to $14,000. I’m not saying where it’s going to go, but that’s the magnitude of move that would be a catch-up”.
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