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Tom Lee of Fundstrat says the Bitcoin price has a 197% propensity to advance within half a year anytime it breaks into the 200-day SMA.
A geopolitical incident such as the Coronavirus is probably going to increase the price of Bitcoin in 2020.
Co-founder of Fundstrat, independent researcher, and consultant analyst, Tom Lee, said in his last discussion with Yahoo Finance that Bitcoin is ready to propel the gains made in January up. Tom Lee is convinced that Bitcoin has the prospect to advance to 200% within the first half of the year.
“When Bitcoin returns to 200 days, its average half-year gain is 197%, so we are somewhat talking about a rally going on.”
Besides, he said that Bitcoin may behave favorably in 2020 with a primary focus on geopolitical incidents. To illustrate, the coronavirus is considered to have stoked a large number of Bitcoin gains in January.
“These geopolitical incidents in addition to coronavirus and geopolitical apprehension enhance the instance. Bitcoin is besides due to advance under the next reward halving in May.”
The supply of digital assets is probably going to decrease as demand intensifies. Strong demand and supply, combined with investor predictions, will see Bitcoin increase remarkably at the end of the year.
Bullish Trend Revives on Bitcoin After Price Tested $9,100 on Tuesday
Bitcoin price responds to the double top structure after the barrier at $ 9,600 price level.
Backing for the major trendline stays intact, notwithstanding testing the $ 9,100 price level on Tuesday while Bitcoin price underpins the bullish outlook as of December 2019 in spite of the high points and low points, apart from the RSI, the sideways trend may become the dominant focal point in the American session.
Bitcoin meets overpowering support between $ 9,100 and $ 9,200 (bulls populated handles). This is the support that may return BTC on track around $ 9,600. If the short-term triangle barrier is breached and bolstered enough, at that point advancement might be approaching in the up and coming sessions.
Image Credits: Pixabay
