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- Bitcoin or BTC has dominated over the crypto industry and now looks towards exceeding its control and working towards integrating digital currency with everyday life.
- The BTC had moved back above to its 200 days moving average on the 27th of January 2020.
- Businessman Thomas Lee has also predicted that the BTC is likely to see a boom soon. It only remains to see how this pans out for the cryptocurrency.
A month into the new year, crypto analysts have gotten back to work. Predictions and data analysis play a significant role in understanding the crypto market. Thus, as 2020 began, experts from across the crypto spectrum provided their opinion on what the new year will bring in for the various cryptocurrencies.
Analysts indicated that the new year would continue to be favorable for the market rank number one crypto coin, Bitcoin.
Bitcoin or BTC has dominated over the crypto industry and now looks towards exceeding its control and working towards integrating digital currency with everyday life. As we complete the first month of 2020, here is the highlight of the month for Bitcoin:
Thomas Lee, the American financier, businessman, and investor, presented his analysis of the current price trends of Bitcoin and predicted it’s re-entry into the bullish markets if the trends continued.
In a tweet on the social media platform, Twitter, crypto analyst Thomas Lee stated that the BTC had moved back above to its 200 days moving average on the 27th of January 2020.
He firmly indicated that this was an essential milestone on the journey of the popular cryptocurrency, adding that the present rise is just an indication of the predicted year for BTC.
He believes that the landmark also reinforces the idea of BTC reigning supreme for the upcoming year as well. Thomas Lee then addresses the impact of this achievement on the upcoming days for BTC and its users. He predicts that Bitcoin may re-enter the much talked about “bull market.”
He uses past trends to show that BTC has always entered the bullish market whenever it has moved above its 200 -day average from 6 million USD and forward. He further claims that BTC might jump to 80% now. The tweet is as follows:
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 (Tom) Lee (not drummer) FSInsight.com (@fundstrat) January 29, 2020
He adds a graph to show the trends of BTC during previous such trends.
Businessman Thomas Lee has also predicted that the BTC is likely to see a boom soon. It only remains to see how this pans out for the cryptocurrency. Currently, BTC is trading at $9327.50 with a market cap of $1,69,68,51,38,298.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
