Fundstrat’s Tom Lee: Technical Analysts Becoming Incrementally Bullish On Bitcoin
After Friday’s straight out of left field rally, analysts have begun to express optimism for the first time in a blue moon. In fact, one industry insider claims that technical analysts centered on Bitcoin (BTC) are switching gears from bearish to bullish. But will their forecasts hold up?
Related Reading: Analyst Claims That Bitcoin (BTC) Could Surge to $5,000 in Coming Weeks
Tom Lee Downs The Bitcoin Red Pill Again
It appears that Tom Lee has downed the Bitcoin red pill yet again. After making an appearance on Fox Business, in which he touted his decidedly optimistic sentiment, the Fundstrat Global Advisors co-founder and research head took to Twitter to double-down on a bullish narrative.
Citing, a piece of analysis from the ill-named “Magic Poop Cannon,” a well-followed, yet oddly titled crypto trader, Lee remarked that technical analysts that were bearish in early-2019 are becoming “incrementally bullish” on BTC. But why is that?
Analyst: Friday the 13th Daily Close Could Set Future Bitcoin Price Trend
Friday September 13, 2019
Each and every daily close on Bitcoin price charts is important, as the price level where the candle closes and even the shape of the candle can help crypto analysts predict future movements and...
The post Analyst: Friday the 13th Daily Close Could Set Future Bitcoin Price Trend appeared first on 12bitplay - Bitcoin Play.
CRYPTO: Some TA's who were bearish in 2019 are becoming incrementally bullish on #BTC $BTCThe one below refers to the 200-week mavg acting as support, something @rsluymer @fundstrat TA also noted as key support for Bitcoin.https://t.co/QOBqcQ83FV
— Thomas Lee (@fundstrat) February 10, 2019
Analyst: Bitcoin Could Dump to $6,500 to Maintain Price Parabola
Monday September 09, 2019
As the Bitcoin consolidation continues, traders and analysts are scouring the charts again looking for the next direction. In the short term most are of mixed opinion but one analyst has predicted a big...
The post Analyst: Bitcoin Could Dump to $6,500 to Maintain Price Parabola appeared first on 12bitplay - Bitcoin Play.
According to the analysis that Lee, a former managing partner at JP Morgan & Chase, cited, the odds are increasing that the “Bitcoin Bear” is dead. Magic, who made a comment that BTC is most likely to bottom at $2,000 earlier this week, remarked that Friday’s jaw-dropping rally presents a positive technical case for the flagship cryptocurrency.
The trader remarked that Friday’s 8% move, which set BTC above $3,700, rallied back into a triangle formation that was important before the late-January sell-off. Magic claims that if BTC can close its daily candle above ~$3,600, “this [will be] very bullish.”
Magic then drew parallels between the 2014/2015 bear season bottom and the price action seen as of late. He concluded that while there are differences, BTC is currently “trending in a similar manner to the way it moved at the exact bottom of the last bear market.”
Yet, it was also explained that the 200-week moving average remains a key line of support for Bitcoin, meaning that a foray under that level, currently situated at $3,300, could reverse this trend.
Fundstrat Is Optimistic On 2019’s Prospects For Crypto
As hinted at earlier, Lee’s recent “hopium” high comes after he made an appearance on American television to talk Bitcoin. He explained on-air that $25,000 is a “fair value” for the leading cryptocurrency, citing the thirst for an uncorrelated digital asset that isn’t only used for speculative purposes, but as a newfangled form of money and store of value too.
Global Financial System can Adopt Bitcoin: Circle CEO
Friday September 13, 2019
Three weeks back, the Bank of England Governor Mark Carney made an alarming comment on the global reserve currency, the US dollar. The economist said that the world’s reliance on the greenback “won’t hold”...
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This recent comment also comes after Lee’s New York-based investment advisory outfit released its 2019 Crypto Outlook report. As reported by NewsBTC previously, Fundstrat laid out a number normal of macro, technical, fiat-to-crypto inflows, blockchain technology, and equity trends to explain why the outlook for Bitcoin and other cryptocurrencies could improve over 2019.
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