Bitcoin is Re-Entering a Bull Market According to Crypto Expert Thomas Lee

• Bitcoin is back above its 200-day moving average (200MA), which is a strong indicator of an emerging bull market

Thomas Lee, Head of Research at Fundstrat Global Advisors, says that Bitcoin is re-entering a bull market. Specifically, Bitcoin was in a bull market during the first half of 2019, with the price peaking as high as USD 13,800. However in the latter half of 2019 Bitcoin began to slide, eventually breaking below its 200-day moving average (200MA) around September, which was a bearish sign. The good news is that Bitcoin has finally climbed back above its 200MA, which suggests that a bull market is already underway.

Bitcoin moved back above its 200-day moving average on 1/27… positive milestone and reinforcing 2020 shaping up to be great year for $BTC #bitcoin

– whenever BTC >200D, win-rate (6M forward) jumps to 80% and essentially "re-entering" bull market (>200D)#BTD #bestasset2020 pic.twitter.com/YbpQYHpLaj

— Thomas Lee (@fundstrat) January 29, 2020

Indeed, since the beginning of 2020, Bitcoin has risen from USD 6,900 to USD 9,200, which is a 33% gain. As Lee points out, this makes Bitcoin the most profitable asset class of the year so far. Lee thinks Bitcoin’s gains in January are due to its utility as a safe haven asset, meaning it is an alternative investment option during times of economic trouble. More specifically, the economy has shown potential signs of weakness in recent weeks due to the Coronavirus outbreak in China.

Thus, Lee thinks that Bitcoin is already in a bull market and will keep going up from here. Notably, Lee almost exactly called the market bottom during the latter half of 2019, and therefore it may be worthwhile to take his bull market prediction seriously.

 

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