Bitcoin Price Forecast From Famous Name

Tom Lee of Fundstrat Global Advisors, in a recent engagement on CNBC's ‘Power Lunch’ Program, estimated that the price of Bitcoin (BTC) could bear witness to $ 40k this year. The bullish forecast came just after Bitcoin dropped below $ 10,000. Lee also explained why BTC would enter such a rally this year. Lee thinks price action at BTC will be driven by major global events such as the Coronavirus outbreak, as well as bullish technical signals. Bitcoin tends to gain an average of 190 percent over the next six months when it exceeds its 200-day moving average. Fundstrat's founder believes this will be the reason why BTC will soon see an all-time high.

Bitcoin Price Forecast From Famous Name

Fundstrat analyst stated that the Dow Jones Industrial Average would be first in the race with 30 thousand. But Lee later posted a tweet claiming BTC would beat the Dow by $ 40k. Earlier, Lee had predicted that BTC would reach a new peak after the US stock market.