Fundstrat’s Tom Lee, mentions with huge confidence that the 70% dip in the BTC value is actually suggesting a surge in Bitcoin price.
Lee, who is the head of research at the New York-based market research, has made a strong prediction and drawn a conclusion that based on historical trading patterns, the bitcoin price could reach $91,000 by March 28, 2020 as per an article by Forbes.
To establish the credibility of his point mentioned above, Lee and his team have developed a robust database on bitcoin comprised of charts and graphs that identify trends for the top digital coin over both the short- and long-term durations.
Lee mentions that despite the Bitcoin price falling as low as 70% of its value, Bitcoin remains in a “bull market phase.” And also mentioned that it’s not the first time the bitcoin price has faced this much of a drop. Similar losses occurred over stretches in 2011 and again in 2013.
Bitcoin in the past exhibited quite similar trading patterns in which its downside volatility has been greater than its upside performance. For instance, the bitcoin price has advanced 37% in the latest three-month stretch compared to an eight-year average of 38%. Fundstrat said,
“The lack of up days is not particularly unusual for Bitcoin. But it is down from 2017, when this figure peaked at 56%.”
At the same time, it asserted, BTC will benefit from “larger and more established blockchains growing in dominance” this year.
At one point the Fundstrat charts are clearly revealing patterns of the boom in BTC value by the next couple of years, there’s no sure way to tell for sure if history will repeat itself and the bitcoin price will shoot once again to achieve $91,000 by 2020.
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