There’s no doubt Bitcoin has done exceedingly well over the past few weeks, bounding past key resistances in the $7,000s, $8,000s, and most recently in the $9,000s.
Per a top analyst, however, the cryptocurrency’s already jaw-dropping surge is not done yet, citing a simple technical analysis suggesting prices will soon surmount $20,000 for the first time ever. What’s more, the analyst expects this to happen in the next six months.
Bitcoin Could Soon Surge Past $25,000
Speaking to Yahoo Finance, Fundstrat Global Advisors’ co-founder Tom Lee said that Bitcoin could extend its gains from the past few months into an even bigger rally, noting that the price of the cryptocurrency has surmounted the key 200-day moving average for a number of days:
“Moving above the 200-day [moving average] is validating that Bitcoin is back in a ‘bull market’. Whenever bitcoin breaks back into its 200-day, its average six-month gain is 197%, so we’re sort of talking about a levitation taking place.
A 197% rally from where Bitcoin crossed above the key moving average would equate to a price just above $26,000. Read More...