Bitcoin kicks off a 200% gains journey for the next 6 months: Tom Lee predicts

Fundstrat’s Tom Lee says Bitcoin price has the tendency to grow by 197% in six months whenever the 200-day SMA is broken into.
Geopolitical events like the coronavirus are likely to fuel Bitcoin price upwards in 2020.

John Isige FXStreet

The co-founder of Fundstrat, an independent research and advisory boutique Tom in his recent interview with Yahoo Finance said that Bitcoin is set to push the gains realized in January even higher. Lee believes that Bitcoin possesses the potential to grow by 200% in the next six months.

Whenever bitcoin breaks back into its 200-day, its average six-month gain is 197%, so we’re sort of talking about a levitation taking place.

Lee also said that Bitcoin could react positively in 2020 riding mainly on geopolitical events. For example, the coronavirus is believed to have fueled a substantial amount of Bitcoin’s gains in January.

These geopolitical events including coronavirus and geopolitical tensions really improve the use case.

Bitcoin is also set to grow on the basis of the coming reward halvening event in May. The supply of the cryptoasset is likely to reduce while demand increases. The force of demand and supply coupled with investors’ speculation would see Bitcoin price rise significantly towards the end of the year.

Author

John Isige

FXStreet

John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren

Solana Price Forecast: SOL risks a steeper decline below $70 despite steady ETF inflows

Solana is trading in the red on Monday, losing bullish momentum and remaining capped below its 50-day Exponential Moving Average at $75.68. SOL-focused Exchange Traded Funds show resilience with a monthly inflow of $14.62 million in July, while the near-term retail support wanes with the funding rate turning negative.

Cardano Price Forecast: Whale buying, derivatives metrics fuel ADA rally

Cardano is trading around $0.187 on Monday after surging more than 14% last week and breaking above a key ascending trendline. The price recovery is supported by signs of whale accumulation and strengthening derivatives metrics, suggesting further upside for ADA.

Crypto Overview: Bitcoin weakens amid Coldcard hack – ALGO, ENA sustain gains

Bitcoin price edges lower on Monday, sliding toward $63,000 as bearish momentum resurfaces. The broader crypto market sentiment is mixed, with around 1,300 BTC stolen in the Coldcard wallet hack and the US President Donald Trump canceling strikes on Iran.

Top 3 Price Prediction: Bitcoin, Ethereum, Ripple – BTC dips, ETH consolidates, XRP stalls

Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) steadied on Monday after falling over 2.8%, 3.55% and 2.35%, respectively, the previous week. BTC trades below the key resistance level, ETH consolidates between the 50-day and 100-day Exponential Moving Averages (EMAs).

Bitcoin: Bulls hold the line

Bitcoin (BTC) edges slightly lower, trading at $64,300 at the time of writing on Friday but holding firmly above a key support zone. US-listed spot Bitcoin Exchange Traded Funds (ETFs) support BTC as they continued to attract institutional flows through Thursday, pointing to the fourth consecutive week of net inflows.