- Fundstrat’s Tom Lee says Bitcoin price has the tendency to grow by 197% in six months whenever the 200-day SMA is broken into.
- Geopolitical events like the coronavirus are likely to fuel Bitcoin price upwards in 2020.
The co-founder of Fundstrat, an independent research and advisory boutique Tom in his recent interview with Yahoo Finance said that Bitcoin is set to push the gains realized in January even higher. Lee believes that Bitcoin possesses the potential to grow by 200% in the next six months.
Whenever bitcoin breaks back into its 200-day, its average six-month gain is 197%, so we’re sort of talking about a levitation taking place.
Lee also said that Bitcoin could react positively in 2020 riding mainly on geopolitical events. For example, the coronavirus is believed to have fueled a substantial amount of Bitcoin’s gains in January.
These geopolitical events including coronavirus and geopolitical tensions really improve the use case.
Bitcoin is also set to grow on the basis of the coming reward halvening event in May. The supply of the cryptoasset is likely to reduce while demand increases. The force of demand and supply coupled with investors’ speculation would see Bitcoin price rise significantly towards the end of the year.
Read more: Bitcoin Price Analysis: Why BTC/USD must defend $9,200 bullish zone?
