Experts are foretelling the possible moves of Bitcoin price in the next 6 months, especially after halving as expectation on the market price movement rises.
Tom Lee, Fundstrat Global Advisor co-founder, pointed to some bullish technical indicators averring that Bitcoin could jump by close to 200% in the next 6 months. The special indicators, according to him, open room for more bullish nature of Bitcoin.
Tom Lee foresaw that Bitcoin is ready to make average gains of 200% at least over the next 6 months.
On February 4, while conversing with Yahoo! Finance, fund advisor Tom Lee said he is completely sure of the next Bitcoin’s short-term progress.
While January used to be a bad month for Bitcoin, this year’s January came to be one of the best for the digital currency, the 5th time this would be happening in Bitcoin’s history. An indication that Bitcoin is possibly ready for a thunderous upsurge. In 3 of the last 4 cases, Bitcoin value spiked throughout the year.
“Notably in January — January is usually a week month, it was a great month for Bitcoin, up 26% — but it also recovered its 200-day moving average,” Lee happily said.
“That’s a big deal as you know, as anyone who’s a trend follower knows — when you’re back above your 200-day, you’re back in a bull market. Whenever Bitcoin breaks back into its 200-day, its average six-month gain is 197%.”
The cryptocurrency market, by all indication, is ready for a bullish run. As noticed in the last few days, Bitcoin touched $9,450, before having a slight retracement to $9200 range.
The January price movement, which could undeniably be perceived as the most heartwarming for Bitcoin since 2013, continues to favor the cryptocurrency market till this moment.
To Lee, 2020 could have an unexpected larger return for Bitcoin, even with the fact that 2019 was nothing to write home about.
Founder of NuggetsNewsAU, Alex Saunders, Says Bitcoin Can See 400% Upsurge in 6 Months
The CEO and co-founder of NuggetsNewsAU, Alex Saunders, have also weighed in on the expected moves of Bitcoin in the next 6 months.
Saunders, who had observed the Tesla stock trend, which has seen around 400% growth, posited that Bitcoin has everything it takes to also see the same percentage rise in the next 6 months. The CEO appeared confident with his bullish market prediction for Bitcoin (BTC).
In his very recent comment, he advised that critics who earlier opined that the expected May halving won’t have any effect on the price of Bitcoin to explain how the world’s most analyzed stock in the world got 400% price increase in 6 months.
The YouTuber said if stocks can do this, it is no doubt that Bitcoin can replicate the same in the next 6 month.
He said: “To the critics saying the halving won’t pump BTC, because Efficient Market Hypothesis prices in all known information. Explain to me how the most analysed stock in the world can be repriced 400% in 6 months? I promise you BTC can do 400% in 6 months too…”