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Tuesday, 16 July 19:43 (GMT -05:00)



Foreign exchange market

BTC Market Will Set New Highs In 2020


Tom Lee, Chief Analyst for Fundstrat Global Advisors, has recently shared his optimistic view on the future of Bitcoin (BTC). In early May, he said that the BTC exchange rate is undervalued and, given some fundamental factors, it should be somewhere around 14K dollars per coin. At this point, he thinks that the current all-time highs may well be renewed this year. This means BTC prices above $20K per coin and market cap well over 830 billion dollars within the next 20 months.
 
During his interview to the CNBC, he told the reporters that the bull cycle isn't over yet for Bitcoin, and that's why we are going to see new all-time highs set in December 2017 - Fundstrat Global Advisors 2018. mostly likely, this is going to happen in 2020, although this year is on the timeline of possible price records as well.
 
The expert says that the very fact that the bull market is still there is backed by 11 factors, including the fact that the BTC network has been recently getting increasingly active, even despite a relative low BTC exchange rate. Another on has to do with technical analysis - the exchange rate closed over SMA200 in April. On top of that, institutional investors have been getting increasingly active as well, which makes Bitcoin and other cryptocurrencies even more popular as an investment asset. 
 
At the same time, FortFS experts stick to another opinion, a fairly optimistic one though. They assume that the bear market is likely over now, but it's a good idea to wait for confirmation from tech indicators.  
 
Bitcoin gained 4,5% per day and over 12% over the last trading week , thus reflecting the overall trend in the crypto market.
 
Daily. An explicit bull market amid trending ADX leaves almost no chances to the bears. A move up by 300 dollars per coin is possible.

 

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Н4: Local ADX is going up, but hasn't reached the trend area yet. That said, traders still have a chance to join the rally around the psychological level of 6000 dollars per coin.
 

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Н1: The latest bars have massive tails, which indicates big-scale buyers. The local support is located at the middle Bollinger Band (6084). This is probably the best price the market can give you today to get in.
 

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Expectations and trading decisions: It's a good idea to wait for the price to touch 6084 and get in to expect a rally up to 6400-6500. The targets may be reached with the next couple of days.  

 

You are free to discuss this article here:   forum for traders and investors

 

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