Fundstrat’s Tom Lee calls upon the bullish nature of bitcoin according to his two-year forecast. He, therefore, suggests that the current drop by about 70% works for the best of the future of Bitcoin price.
Therefore, the head of research operations in Fundstrat which is one of the major New York market research firms has made these predictions. These are based on the trading patterns of the past. Therefore, he belies that Bitcoin price could attain the $91,000 price level by March 2020. In illustration of this belief, tom lee and his accomplices have come up with a robust database in regard to Bitcoin made up of graphs and charts. These identify the major trends of all the major digital currencies in both the long terms and also the short term durations.
For example, according to the Fundstrat’s Bitcoin misery, a contrarian barometer showed that on 18th of the month, it was the lowest point since 2011. This is, therefore, a bullish sign for the future of Bitcoin.
Therefore, tom lee is not worried by the 70% decline in Bitcoin and thus says that Bitcoin is in a “Bull market phase.” Actually, this is the only time that Bitcoin price has dropped so much. He further thinks that similar stretched we experienced in 2011 and also 2013 and this could trigger profits.
Tom lee further explains the 70% sell-off in BTC experienced in 2013 over a four-month stretch and the firm described it as the “monster rally” which then generated unparalleled returns. Bitcoin has depicted similar patterns in the past. As Fundstrat explains;
“The lack of up days is not particularly unusual for Bitcoin. But it is down from 2017 when this figure peaked at 56%.”
Therefore, Fundstrat’s bullish forecast extends to the other cryptocurrencies such as ETH which in addition to BTC, it benefits from “larger and more established blockchains growing in dominance” this year.
History repeats itself?
Just because Fundstrat’s has its patterns revealed, this does not necessarily mean that history might repeat itself and Bitcoin will rally in 2020 to reach $91,000. According to Forbes, regulators have the ability to regulate the bitcoin price fundamental trading.