Home General News Tom Lee: Coronavirus will help Bitcoin grow 200 percent in 6 months

Tom Lee: Coronavirus will help Bitcoin grow 200 percent in 6 months

Bitcoin has already beaten its overall market run of 2019 and is on its way to one of the biggest bull run in recent times.

As per Fundstrat Global Advisors Managing Partner Tom Lee, we can expect a massive bull run for, the world’s largest cryptocurrency by market cap which is currently trading above its 200-day moving average. 

Tom Lee also had bullish sentiments as Bitcoin has managed to rise by 30% in the first month of 2020 to nearly $9000.

The latest surge in the price of Bitcoin has come at a time where growing concerns regarding the spread of coronavirus all around the world have completely shaken equities in the USA and other countries. Tom Lee says that this epidemic spread across the world is unexpectedly a good thing for Bitcoin enthusiasts, as the largest cryptocurrency is increasingly being seen as a safe haven asset, and bearing resemblance to digital gold. 

Bitcoin could also grow higher due to market volatility and its correlation with the S&P 500 being flipped from positive 13% to negative 10%.

In the latest interview with Yahoo Finance’s YFi PM, Tom Lee said,  “These geopolitical events including coronavirus and geopolitical tensions really improve the use case.”

Following the notching of its technical feat of trading above its 200-day moving averages more than a 190% return after eclipsing the technical mark, Lee also stated that Bitcoin has a history of trading high 80% of the time. 

Lee further added, “Anyone who’s a trend follower knows when you’re above your 200-day [moving average] you’re back in a bull market, whenever bitcoin breaks back into its 200-day, its average six-month gain is 197%, so we are kind of talking about a levitation taking place.”

The modest 10% gain bitcoin averages when trading below its 200-day moving average would be similar to that average six-month performance, as per the findings of Fundstrat research.

Lee concluded his interview by saying, “It is a good time to look at crypto.”

 

mm
Safdarali Rizvi
Safdarali Rizvi the management graduate. Has been an avid book reader all his life so naturally loves playing with his words. His curiosity for discovering futuristic opportunities drives him to enlighten the entire Geekymint team with exclusive and intriguing news. He has a real passion for calisthenics and sports. His management abilities and hunger for learning brings tremendous value to our team.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Must Read

ThopTV – Download & install app Apk on Android, iPhone, iPad, iOS, MAC, PC, Firestick, FireTV

About ThopTV movies ThopTV has been around for many years, initially, a user could download the app for an...

9 best ThopTV alternatives for free streaming and Live TV

Streaming apps like Netflix, Amazon Prime, Hulu etc have all become a household name, thus proving that the Internet is the new...

Mobdro – Download & install app Apk on Android, iPhone, iPad, iOS, MAC, PC, Firestick & FireTV 

About Mobdro Mobdro App is one of the latest introduction into the free movie streaming app market. Mobdro is rapidly dethroning some of the big...

Cyberflix TV 3.3.1 – Download Cyberflix App Apk on Android, iPhone, iPad, iOS, MAC, PC & Firestick

About CyberFlix TV CyberFlix TV is an online streaming app on which you can watch free movies and TV Shows. The app has been shut...

Download Kissanime App Apk on Android, iOS, PC, Firestick, Roku (Latest Update)

What is kissanime Kissanime is a free anime streaming website if you ask any anime lover about the best website to watch the latest anime...

Random Post

The best Primewire Alternatives for movie streaming

If you have been streaming free movies online you are well aware that after a good enough run most of the online...

7 of the best WeTransfer Alternatives for file transfer in 2020

WeTransfer is a file transfer website that lets its user transfer files up to 2 Gb around the world. The service is...

13 best Cotomovies alternatives for streaming free movies and tv shows in 2020

Cotomovies was a free movie website that contained thousands of movies, series, tv shows, and documentaries for free. One of the movies...

Factors to Consider When Shopping for a Smartphone

Buying a smartphone is a task in itself. You cannot just go out and buy any smartphone available in the market. There...

Tom Lee stands firm at his opinion that Bitcoin will reach $25k by the end of this year

Given the fact that analysts have previously considered Tom Lee’s predictions as a Bearish signal, he once again appeared on CNBC today (6th July)for...