Bitcoin may finish 2018 at $22,000, Fundstrat World Traders analyst Tom Lee repeated in new predictions concerning the finish of the cryptocurrency bear market October 19.
Lee: 200-day MA ‘Very Essential’
Talking throughout an interview with social media weblog Crypto Suggestions, Lee, who is thought for his bullish stance on Bitcoin particularly, highlighted the 200-day transferring common worth pattern as a key think about figuring out its future efficiency.
“When Bitcoin’s beneath its 200-day, it solely goes up 50 % of the time within the subsequent sixth months, however when it’s above its 200-day, it’s up 80 % of the time,” he stated referring to evaluation produced by Fundstrat final week.
“The 200-day and the pattern that’s implied by that’s clearly essential.
Removed from a continuation of this 12 months’s worth downturn, Lee added he thinks it’s “extra possible” that Bitcoin zerozero would put in an surprising climb.
That speculation runs counter to assumptions shared by many different analysts inside the cryptocurrency business, who’ve endorsed an thought BTC/USD should first ‘backside’ as little as $3000 earlier than lastly difficult its all-time highs.
For Lee, $6000 is the “flooring.”
“The place can the shock happen? I do know lots of people assume Bitcoin’s worth will collapse to $3000; I believe what’s extra possible a shock is that we’ve got a really explosive enhance in worth,” he continued.
For Ethereum (ETH) zerozero in the meantime, Lee additionally noticed assist returning to markets. The biggest altcoin by market cap had fallen extra precipitously than Bitcoin, at one level buying and selling as little as $170 in current months, its worst efficiency since Might 2017.