Fundstrat Global Advisors co-founder Thomas Lee broke the tradition of price forecasting from Bitcoin (BTC) on March 14 and tells CNBC that he believes a bullish brand could return in six months.
In an interview with the publication, Lee, known as a Bitcoin bullish (but said he would stop giving conditions for a price increase in December), said August could see a 180-degree tour on the market.
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"I think the key number to be considered is the 200-day moving average," he told the network, continued:
"If Bitcoin lasts more than USD4,000, it goes through the 200-day moving average in August, so I think the window outside is between five and six months before Bitcoin looks technically like it's back on market bullish ".
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Referring to the controversial strong bifurcation of Bitcoin Cash (BCH) in mid-November, Lee stated, "I think the damage really needs to be repaired has fallen by $ 6,000 to $ 3,100," adds:
"I think it really undermined investor confidence and market dynamics"
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As recently reported, Bitcoin had begun to offer returns to investors until February, with average daily increases of about 0.5 percent. This month's figures have been reduced by close to 0.2 percent daily, causing some to believe that a further drop in the market could be imminent.
Since reaching its historic height of about USD 20,000 in December 2017, Bitcoin has experienced the longest bear market in its history, with a low average of just over USD 3,100.
In December, market analyst Tone Vays issued a more intensive warning, whereby BTC / USD is expected to fall to approx. USD 1,000, before bearish sentiment finally ends.