Thomas Lee Predicts Gains of Over 100% for Bitcoin in 2020

  • The crypto neighborhood is on the fence concerning the May 2020 halving.
  • Fundstrat founder Thomas Lee believes that the halving together with two different catalysts will push bitcoin to higher heights.
  • Other analysts are additionally bullish on the orange coin as they predict {that a} new all-time excessive is on the horizon.

There’s an ongoing debate within the crypto neighborhood concerning the May 2020 bitcoin halving. Many are claiming that the bullish catalyst is already priced in. In different phrases, market individuals who’re anticipating a pointy rise in bitcoin’s worth as soon as the halving happens could be disenchanted.

However, some heavy hitters imagine that the halving is much from being priced in. One character considering alongside this line is Fundstrat founder Thomas Lee. The broadly adopted market analyst took to Twitter to share Fundstrat’s 2020 Crypto Outlook. The agency reveals that the cryptocurrency is poised to print good points of over 100 % this yr.

The Convergence of Three Catalysts to Send Bitcoin Into the Stratosphere in 2020

The high cryptocurrency rewarded traders with good-looking good points of 92 % in 2019. This yr, Fundstrat predicts that the king of cryptocurrencies will carry out even higher. According to the agency’s 2020 Crypto Outlook report, there are three key elements that may act as bullish catalysts for the cryptocurrency.

The first one is geopolitical dangers. Earlier this month, bitcoin’s worth soared because the battle between the U.S. and Iran escalated. Further tensions within the area on high of the commerce conflict between the U.S. and China will possible cement bitcoin’s narrative as a safe-haven asset.

The second issue is the 2020 U.S. election. The uncertainty within the final result of the election may push large cash traders to hedge with bitcoin. This would strengthen the cryptocurrency’s use-case as digital gold.

Lastly, Fundstrat believes that the 2020 halving shouldn’t be but priced in. This catalysts alone needs to be sufficient to ship the dominant cryptocurrency skyrocketing as seen in previous performances.

Fundstrat’s expectations for bitcoin this yr | Source: Twitter

Fundstrat believes that the prevalence of those three occasions will push bitcoin to good points higher than 100 %. This would put the cryptocurrency in a powerful place to turn out to be the very best performing asset for the second yr in a row.

The Halving to Be the Biggest Bullish Catalyst in 2020

Other analysts are additionally bullish on the orange coin as they stay up for the halving in May. For occasion, Crypto Godfather believes that the bear market is coming to an finish and bitcoin will as soon as once more ascend to $20,000.

Crypto Godfather offers bitcoin holders causes to have fun | Source: Twitter

Crypto Godfather shouldn’t be the one analyst who thinks that bitcoin will recapture $20,000. The bullish Bitcoin Macro claims that the halving would solely be priced in as soon as bitcoin breaches $20,000.

The Bitcoin Macro hopped on the $20,000 bandwagon | Source: Twitter

Todd Butterfield, the proprietor of the Wyckoff Stock Market Institute, agrees with Bitcoin Macro and Crypto Godfather. The Wyckoff professional additionally sees bitcoin printing a brand new all-time excessive. He instructed CCN,

We are nonetheless anticipating a transfer to all-time highs, but when [the] $7,600 stage is breached on the draw back, then I believe we see a swift transfer beneath $6,400 to make our ultimate low.

The seasoned dealer added,

From there, we’d then have the rally to new all-time highs now we have been searching for.

So far, bitcoin bulls have held assist of $7,600, and the crypto is now buying and selling above $8,000. As the digital gold continues to indicate indicators of energy, it’s turning into tough to dismiss the bullish claims of Thomas Lee and different analysts. Looks like 2020 will probably be an thrilling yr for bitcoin hodlers.

Disclaimer: The above shouldn’t be thought of buying and selling recommendation from CCN. The author owns bitcoin and different cryptocurrencies. He holds funding positions within the cash however doesn’t have interaction in short-term or day-trading.

This article was edited by Gerelyn Terzo.

Last modified: January 11, 2020 5:00 PM UTC

Kiril Nikolaev

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