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Tom Lee’s 5 Easy Causes for a Bitcoin Bull Run in 2020



Fundstrat’s Tom Lee was the principle spotlight of final week’s Blockchain Economic system 2020 occasion in Istanbul, Turkey. Taking the stage on day two, Lee addressed a crypto-savvy viewers for about half an hour.

Earlier than delving into why Bitcoin (BTC) would see a worth hike this yr, Lee began his speech with a nod to the well-known comparability between the web and blockchain:

“Crucial generational commerce over the subsequent twenty years goes to face across the disruption of the monetary trade. And crucial of those applied sciences are going to be blockchain and crypto.”

These two matters are right here to remain, however selecting winners and losers continues to be very tough, he famous.

Nonetheless, 2020 shall be a great yr for Bitcoin’s worth, in keeping with Lee. Throughout his keynote, he repeatedly stated that the crypto group needs to be very optimistic in 2020, “as we at the moment are in a confirmed begin of a bull market.” Lee went on so as to add:

“Bitcoin is the one most performing asset of 2019. It beat the return of the S&P 500, which was the most effective in virtually 25 years.”

The inventory market in the US had its greatest yr in virtually a whole technology, and but Bitcoin tripled that return. On high of that, 2019 was the fourth-worst yr within the historical past of Bitcoin, he added. Lee then listed 5 the explanation why Bitcoin is up for a bull market in 2020.

2020 U.S. elections

Political stress towards Bitcoin goes to be quite a bit decrease in the US. Whereas Washington primarily killed the Bitcoin rally final yr, 2020 elections are going to shift politicians’ focus away, which is sweet for crypto, Lee defined.

The Bitcoin halving

Crucial issue impacting Bitcoin’s worth is the halving, in keeping with Lee. “I do know there’s controversy — individuals marvel if Bitcoin halving goes to have an effect on the BTC worth. We expect it’s going to have a big impact.”

Associated: Half of Predictions Are Right Half the Time — BTC’s Halving Divides Opinions

Backed with a slide from his presentation, Lee famous that demand for Bitcoin in 2020 would in all probability be increased than it was final yr, whereas provide will drop as a result of halving. This imbalance between provide and demand attributable to the halving may end in a rise of almost $100 billion in Bitcoin’s community worth, Lee stated. 

“Bitcoin worth is round $10Okay now, and if this [Bitcoin halving] goes to play out like the opposite halving durations, there’s a great argument that Bitcoin makes an all-time excessive this yr.”

U.S.–Iran geopolitical tensions

2020 began with strife brewing between the U.S. and Iran, which is able to have an effect on the Bitcoin worth for the remainder of the yr. Geopolitical dangers enhance demand for secure haven belongings like Bitcoin, Lee argued.

200-day transferring common

In January, Bitcoin moved back above its 200-day transferring common. “When an asset trades above its 200-day transferring common,” defined Lee, “It’s thought-about to be in a bull market pattern. That is very true for Bitcoin.” The numbers are confirming that this appears quite a bit like 2012, he added.

“I believe there’s even an opportunity that Bitcoin may finish, or contact the extent of, someplace round $30,000 this yr.”

Coronavirus unfold

Resonating with virtually half the crypto trade, Lee believes “the chance of a pandemic reminiscent of coronavirus is rising the demand for Bitcoin and different safe-haven belongings.”

Bitcoin to beat Dow Jones?

Lee lately predicted that Bitcoin goes to succeed in 40,000 factors earlier than Dow Jones does, after the latter beat BTC to 30,000, as Cointelegraph reported on Feb. 11. Lee additionally believes the 200-day transferring common is a robust implication for an all-time excessive by summer season 2020.





Source cointelegraph.com

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Thanks !

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