Bitcoin is in a bullish run right now and many experts are giving their take on the potential peak this latest bull run will achieve. Cryptopreneur and Bitcoin backer Tom Lee has predicted that Bitcoin price might reach $27k by Summer of this year. He made this claim during an interview with Yahoo Finance on February 4.
While it is a bold statement, it is easy to see where it is coming from. Lee, the co-founder at Fundstrat Global Advisors believes that one technical chart indicator especially made him pretty optimistic regarding this latest run . The indicator was the 200 day moving average. Lee believes that the 200-moving average’s surpassing is a very strong bullish indicator and this time around, the gain is expected to be around 197%.
If Lee’s predictions are proved right, the market will see an increase in Bitcoin price to a whopping $27,000 which will set a new peak for the digital currency. The recent month of January’s bullish performance (best since 2013) shows that a long bull run might be overdue in the market. Despite these claims, it will still be a tough challenge to come out of the all-time peak of $20,111 observed in 2017.
But, many are banking on the latest Bitcoin halving phenomenon to accelerate the market and believe that it can provide the required stimulus for the market. Lee believes that the $27k figure doesn’t even include the halving priced in so it could actually be much more.
But, readers may be warned that these Bitcoin commentators’ and their claims can be quite outlandish at times and there is no concrete reason to believe in them.
Image source: pixabay.com
Don’t worry, we hate spam too
one weekly digest, just the important stuff.
