- Tom Lee is confident that Bitcoin will beat Dow Jones in the race to achieving new highs in 2020.
- Bitcoin dived under $10,000 after being rejecting at $10,200.
The co-founder of Fundstrat Global Advisors, an independent research boutique, Tom Lee in his latest appearance on CNBC’s Power Launch has impressed investors with the prediction that Bitcoin is headed for $40,000 in spite of the recent dip under $10,000.
The industry’s top analyst cited his previous view on Bitcoin performance where he had stated that Bitcoin was gearing up a massive rally. Lee believes that Bitcoin bull rally is going to take advantage of major geopolitical events around the world such as the recent China Coronavirus. He also noted that Bitcoin has a history of rising 191% in a period of six months after the price crosses above the 200-day SMA.
Interestingly, Lee believes that while Dow Jones has the potential to race to $30,000, Bitcoin will beat by overshadowing its rally to $40,000. The analyst’s previous analyses regarding Bitcoin hitting new highs following the US equities market have not been successful.
At the time of writing, Bitcoin is trading at $9,748 after correcting 1% lower on the day. There have been attempts to pull above $9,800 but selling pressure has made it impossible. On the downside, $9,700 is standing out as key support.
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