Digital Assets: Bitcoin to Beat the Dow to $40K, Says Analyst Tom Lee
As we write, BTC/USD has shot past $10,000 in a swift 4% intra-day rally.
Fundstrat Global Advisors co-founder Tom Lee said in a CNBC interview on February 10 that he expected Bitcoin to record a gain of nearly 200% after it recently broke above its 200-day moving average.
Lee, a crypto perma-bull, cited similar moves by Bitcoin in the past whenever it spiked through the average – a phenomenon that indicated a bull market.
That implied a target of roughly $27,000 within six months for the cryptocurrency, Lee said.(CoinTelegraph)
The Dow versus Bitcoin
More interestingly, Lee said that though he expected the Dow to scale $30,000 before Bitcoin did, the situation would reverse at the $40,000 mark.
“My guess would be Dow, but if I had to say what is first to 40,000, I would… I would not pick the Dow.”
Tom Lee: The bullish factors in favor of BTC
In the interview, Lee said the imminent halving of Bitcoin in May, the coronavirus, and geopolitical tensions were all bullish factors. He also said Washington had killed last year’s rally, but this year, with the elections, that may not happen again.
Meanwhile, another respected Bitcoin analyst, PlanB, the creator of the stock-to-flow BTC price forecasting tool, said the crypto’s block reward halving would flag off a rally that could take it to $100,000 by December 2021.
Currently, BTC is trading at $10250, well above the psychological level $10,000.
It looks set to take out the $11,000 level, perhaps within a week.
Related Story: Digital Assets: Bitcoin Preparing For Explosive Upside
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