Fundstrat’s Tom Lee: predictions of Bitcoin will reach a larger increase in 2020 than in 2019
Tom Lee, the founder of analysis firm Fundstrat, commented that the crypto market will rise thanks to new healthy dynamics in 2020. He reiterated his previous prediction of Bitcoin with a larger increase in 2020 versus 2019 in the most recent appearance on Yahoo! Finance.
Highlight: “Granny shots are thematic-based stock picks,” @Fundstrat Global Advisors Managing Partner & Head of Research Tom Lee says. “What granny shots is doing is taking stocks that appear in multiple lists… it’s higher reward risk opportunities.” More: pic.twitter.com/BNEPmwKWoD
— Yahoo Finance (@YahooFinance) January 17, 2020
The January price rally indicates a return to more active trading with new possibilities for cryptocurrencies. Lee believes that BTC will likely have a larger rally, since half of the block rewards have not been priced. Lee stated that the combination of “elevated” geopolitical tensions, halving upcoming rewards and organizational money will form a perfect setting for Bitcoin’s next rally in 2020.
There is strong probability that Bitcoin price touches $ 14,000 in 2020
Tom Lee believes that Bitcoin price could rise more than 100% by 2020. Considering that BTC hovered above $ 7,000 on January 1, the leading cryptocurrency will need to close the year at least $ 14,000, the highest level in 2019, for Fundstrat’s prediction to come true.
We published our 2020 Crypto outlook and made the full report available for our clients.
– bottom line: financial markets tend to discount 1-3 months, and maybe 6 months (max). So highest probability is halvening not priced in
— Thomas Lee (@fundstrat) January 10, 2020
Fundstrat, which generates regular reports on sentiment and trading opportunities, therefore presented a more or less optimistic report to its clients. Trading tips and expectations could change the sentiment of cryptocurrency trading by early 2020.
Lee gave signs that he believes 2020 will be the year of BTC and Ethereum, based on positive sentiment. Lee’s view came at a time when bitcoin was once again fighting resistance on a trek that could amount to $ 10,000.
Lee advises those who do not want to buy Bitcoin directly but still want to come into contact with this asset to consider companies like Square. In June 2018, The Jack Dorsey-helmed payments giant introduced Bitcoin deposits for the Cash App.
He also said that Barry Silbert’s Grayscale Bitcoin Trust (GBTC) could be accessed by many US investors. Grayscale’s coffers increased by $ 600 million in 2019 with 71% of this amount being attributed to institutional investors.
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