Tom Lee of FGA has made another prediction that Bitcoin price will move towards the upper side in 2019. We can recall that in 2018, Lee predicted that the high-ranking digital currency would trade at $25,000 at year end. During that time, his reasons were that many market factors turned to favor the cryptocurrency. This year, he expects that the institutional side of the coin will facilitate a bull trend in 2019.
The co-founder of Fundstrat did not make his predictions without presenting facts to support it. According to him, some of the market indicators that will push Bitcoin price includes weak dollar amongst others. In his analysis, Lee pointed out that some technical indicators are already stabilizing as the year continues. Also, he mentioned important macroeconomic trends as contributory factors to facilitate Bitcoin price movements.
We can recall that Lee is not new in predicting BTC trends. In his analysis, August 2019 is a month to remember as it could be the beginning of the upward rise. By that month according to Lee, Bitcoin has already crossed the 200-day MA. Especially if it maintains the price levels we see at this time around the region of $4,000.
Lee also believes that Bitcoin will recover from the price capitulation of November 2018 after crossing the 200-day moving average. Recall that last year, the fall of the coin from $6,000 down to $3,000 was as a result of panic. Bitcoin Cash hard fork caused uncertainty amongst investors, and the cryptocurrency plunged downward.
However, the Fundstrat Co-founder believes that the cryptocurrency will undo the damages and gain by summer 2019. Early this year also, TRON CEO, Justin Sun predicted the trend for Bitcoin. He stated that the digital coin would run a tight trend between the prices of $3,000 & $5,000.
While Lee was speaking during his Interview, he mentioned some of the developments that will facilitate the Bull trend for Bitcoin. He listed future occurrences in the institution such as Bakkt potential exchange and Fidelity digital custody launching, etc.
Well, Lee has his facts right. Blockonomi reported that Fidelity would launch cryptocurrency custody in March this year. Also, Bakkt will follow suit with their physically-backed BTC futures trading contracts. Further, many mainstream investors have started adopting cryptocurrencies especially Bitcoin. Also, the crypto top leader is recording successful OTC and P2P in large volumes around in many countries.
The crypto community believes that if the forecast becomes a reality, other alternative coins would also feel the impact. Presently, other Analysts are pointing out the behaviours of altcoins recently. According to Mati Greenspan who works at eToro, these coins have started recording remarkable changes in their price performance recently.
Also, many people are already searching the word “altcoins” on Google. Coinmarketcap data reveals that many of these alternative cryptocurrencies are moving positively in recent times. The data points out that some coins such as Bitcoin Cash, Ethereum and Litecoin are leading in positive price gain. Another altcoin to mention is the Binance Coin (BNB). For three months past, the coin has increased to $15.
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