Bitcoin's Biggest Bull Is Still Bullish, New All-Time Highes Are Coming
Tom Lee Has Said It Once more, Bitcoin Leave Set A New Uncomparable High
Tom Lee, founder and chief market strategist at Fundstrat, has doubled-down on his Bitcoin prediction yet again. Reported to him Bitcoin is aim equal to a untested all-metre higher, perhaps this twelvemonth, and the fairness market is why. His anticipation is that the S&P 500 will break out to spic-and-span highs sometime this fall and that will spark a run a risk-along mentality for cryptocurrency. The idea is that, with the S&P 500 moving to new highs and the FOMC supportive of the economy, there will follow plenty of liquidity and it will flow into the world's leading assets.
Bitcoin has been wallowing for the last couple of months and that to a fault is linked to the S&P 500, leastwise in Lee's consider. While I don't see a positive correlation betwixt U.S. equities and cryptocurrency I do agree that a rebellion tide over volition lift all boats. What I poor is, the same inexplicit fundamental conditions that drive run a risk on sentiment in equities, commodities and other volatile assets leave also drive upside for Bitcoin.
Bitcoin's movement over the last two weeks has been virtually flat. The world's leading cryptocurrency continues to consolidate above the key bear line of $9400 which is life-and-death. The $9400 line had been a strong manoeuvre of underground simply ohmic resistanc was worn down, a break-out occurred, $9400 became a pin channelize and like a sho it is strong support. Patronise can also be seen in Bitcoin's hash-grade which barely hit a new all-time high. The rise in hash-rate is a sign of confidence in the BTC marketplace, an indication the number of holders is healthy, and a long-term device driver of BTC prices.
In the near-term, I see BTC wiggling back off down to $9,400 where I expect to see patronise kick back in. At one time the coin has turned bullishly a move to the top of the narrow range is likely, $10,500 is a good mark. Longer-term, a move below support operating theatre above resistance would be a significant change in the commercialize. A move lower at a lower place plunk fo could easily construe BTC retrace back to $3000. A rise would break the narrowing the consolidation rank and lead-in to a move high.
The catalyst for prices I am really watching is the halvening. When BTC's block-reward halvening gets close the price of BTC is going to stick squeezed until it pops. At that time, I opine a retest of the uncomparable high is the to the lowest degree of what's to descend. Bitcoin $30,000 becomes the next technical target when $20,000 is broken and when BTC is on the move those technical targets get wiped come out beautiful quickly.
Source: https://www.binaryoptions.net/bitcoins-biggest-bull-is-still-bullish-new-all-time-highes-are-coming/
Posted by: kochswuzzle.blogspot.com
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