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Fundstrat: Bitcoin Fall to $10,000 Healthy, $20,000 EOY Possible

Bitcoin Correction to $10,000 is “Healthy”?

Bitcoin (BTC) has been absolutely slammed over the past five days. Since passing above $13,000 for the second time this year on Wednesday, the cryptocurrency has been on a clearly downward-sloping trend. As of the time of writing this, Bitcoin sits at $10,600 — down by around 25% from its year-to-date high of $13,900.

Despite this harrowing price action, which has resulted in a sentiment of “extreme fear” according to the Bitcoin Fear and Greed Index, Fundstrat’s Tom Lee is still quite bullish.

In a recent response to Morgan Creek’s Jason Williams, the Wall Street’s resident staunch cryptocurrency optimist, explained that it is “healthy” to see Bitcoin pullback here.

Backing his claim, Lee suggests that as Bitcoin’s search traffic, as calculated by Google Trends, is still low, the recent drawdown makes sense and could be deemed a “good sign”. You see, the fact that search interest for the “Bitcoin” and “crypto” keywords haven’t rallied to 2017 levels suggests that there isn’t “massive hype” gracing this budding market, which means that BTC has room to run and is only in the early stages of its next cycle.

And as The Crypto Monk, a popular trader, remarked in a tweet, in previous bull runs, BTC established a pattern of entering parabolic uptrends, breaking them, consolidating, before embarking on more parabolic uptrends. Barring that Bitcoin currently isn’t in a bull market, this same series of events could easily play out now.

$20,000, Maybe $40,000 by the End of 2019?

Lee’s persistent optimism comes as he has continued to eye $20,000, even $40,000 as price targets for Bitcoin to reach by the end of 2019. Here’s why he’s bullish.

In the interview, Lee said that all things considered, Donald Trump’s tweets regarding this industry are “positive” because they cement the idea that cryptocurrencies are a relevant topic on the global geopolitical and macroeconomic stage. Indeed, over the past few weeks, the words “Bitcoin”, “Libra”, and “Crypto” have begun to grace mainstream outlets and government hearings time and time again.

Lee expounded: Trump’s comments “makes the other 99% [of the world] more aware [of cryptocurrency].” And if 1% of this new audience somehow finds value in the cryptocurrency market, the size of the community surrounding this asset class would de-facto double instantly.

In previous interviews, the Fundstrat co-founder also looked to the launch of Libra; a growth in cases of dovish fiscal policy, which some say will increase the chances of a recession and large inflationary events; and geopolitical tension that could only bolster the fundamental need for decentralized money as other bullish catalysts.

Photo by Kent Pilcher on Unsplash

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During $1,500 Bitcoin Dump, Coinbase Whales Were Buying BTC

Coinbase Whales Bought the Bitcoin Dump

Bitcoin hasn’t had the best week. After rallying past $13,000 for the first time in over a year, the cryptocurrency stumbled. Hard. After flirting with the $13,000 price point for all of some six hours, Bitcoin fell, tanking by $2,000 in the following day. In fact, as of the time of writing this, BTC sits at $11,800, basically flat on the day, but wayyyy down on the week.

It isn’t too clear what triggered the sell-off. Some have looked to comments from both the Federal Reserve chairman, Jerome Powell; and U.S. President Donald Trump.

Speaking to a group of regulators, Powell did give Bitcoin the classification of a gold-like store of value, but he went on to worry the United States about the potential implications of a system in which the systems of Libra or other cryptocurrencies were in control of the economy or certain parts of society.

And Trump just flat out bashed Bitcoin and its ilk, accusing cryptocurrencies of being backed by nothing but “thin air” and facilitating potentially criminal behavior.

Others have claimed that the collapse was catalyzed by a simple case of buyers failing step in, resulting in a rapid depreciation of Bitcoin as swing investors looked to secure profits.

Anyhow, there are reasons to suggest that the dump may soon end. As spotted by a Reddit user on the official Bitcoin subreddit, a majority of the top 10% of Bitcoin investors (by account size) on Coinbase were buying BTC, presumably while the bottom 90% were selling. In fact, on July 11th, 77% increased their net Bitcoin position and 23% decreased.

It is unclear whether or not the data set includes users of Coinbase Pro or only Coinbase.com.

Why It’s OK to be Optimistic

So, why are Coinbase’s resident whales seemingly scooping up BTC as fast as possible?

Well, Fundstrat’s Tom Lee seemingly has a bit of a theory. As he explained in a recent tweet, which can be found below, the cryptocurrency is still decidedly in a bull market, as made apparent by the fact that the nearly-$2,000 dump is effectively “invisible on the weekly time frame”.

From a longer-term technical standpoint, bulls are still in control, giving the asset the potential to reverse into new year-to-date highs in the coming weeks and months.

Indeed, there are many models currently pointing towards the fact that BTC will finish the year on a high note. Per previous reports from Ethereum World News previously, analyst CryptoThies recently laid out the fact that should history repeat, Bitcoin could surge by over 100% in the last quarter of 2019, implying an end-of-year price of $20,000.

Photo by André François McKenzie on Unsplash

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Tom Lee: Bitcoin (BTC) Could See ‘Fireworks’, $50,000 Closer Than You Think

Bitcoin Recovers to $12,000, Lee Expects Further Gains

It’s July 4th. You know what that means — fireworks, fireworks for Bitcoin (BTC) that is. According to a recent tweet from Thomas Lee of Fundstrat Global Advisors, the leading cryptocurrency may soon “see fireworks”, which, in the context of his Twitter timeline, suggests a strong move higher in the near future.

Case in point, in the tweet, Lee explained that since crossing above $10,000, the cryptocurrency market has been graced with “Level 10 FOMO”, which is a level of positive sentiment only seen during 3% of the asset’s history.

To be fair, Bitcoin has already beat the expectations of most analysts. As covered by this outlet last week, most analysts were projecting a strong downturn, but BTC is now sitting snug at $11,750 — up around 20% from the local bottom of $9,700.

You see, when BTC slipped from $13,800, its chart registered a series of signals deemed “bearish”. As reported by Ethereum World News previously, analyst Nunya Bizniz pointed out an interesting fractal (a previous bout of price action that plays out at different times) on Bitcoin’s one-day chart. He noted that 2018’s crash and 2019’s strong recovery is looking a lot like the price action seen in 2011 and 2012, which was the crypto market’s first full-fledged cycle.

During this period, Bitcoin rallied to new heights, fell by 94%, saw a rapid bounce by 260%, to then fall by 46%. Bizniz notes that if history is of any indication, Bitcoin could see a 46% decline, which would bring it back to the $7,000 range.

More importantly though, Bizniz noted in a later tweet that Bitcoin recently broke under a parabola that it has held for upwards of six months. This is notable, as the origin of this move stretches back to Bitcoin’s bottom of $3,150. For those unaware, each time BTC failed to hold a medium- to a long-term parabola, an 80% correction ensued.

So, now that a strong reversal is off the table, where exactly does Lee expect for Bitcoin to head?

While he didn’t make any explicit predictions in the aforementioned tweet, we can look to his previous comments to get some insight. Speaking to Wei Zhou of Binance, the prominent analyst noted that once $10,000 is breached, all proverbial hell will break loose in the cryptocurrency market. Lee, accentuating his optimism, went on to say that $20,000 and $40,000 should fall shortly after the achievement of $10,000.

Lee still seems to be closely eyeing $40,000, as, replying to a commenter, the Fundstrat analyst quipped that $50,000 may be crossed “sooner than most think… “

While some have suggested that much of the hypothesized buying pressure will come from retail investors, more and more data suggests that institutions will be the ones driving the rally. Speaking to Bloomberg earlier this week, Michael “Novo” Novogratz of Galaxy Digital claimed that pensions and endowments will be the ones driving Bitcoin past $20,000.

Title Image Courtesy of Unsplash

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Fundstrat: Bitcoin (BTC) Will Easily Surpass $20,000 Eventually

Fundstrat’s Lee Extremely Bullish on Bitcoin

As news of Facebook’s Libra broke, every mainstream outlet began to cover it and Bitcoin (BTC) in general. So, it comes as no surprise that this morning, CNBC “Futures Now” called on Tom Lee, the head of research at Fundstrat Global Advisors, to talk cryptocurrency in his latest appearance of dozens on the segment.

After discussing how Facebook’s latest venture is complementary to Bitcoin, in that BTC will continue to act as a reserve cryptocurrency, he was asked to give a price target. Staying true to his promise not to give any concrete, time-constrained targets, Lee claimed that Bitcoin could “easily” surpass its previous all-time highs of $20,000, but was hesitant to give an exact date.

This comes briefly after Lee and his peers at Fundstrat claimed that $10,000 is the level to watch for Bitcoin. They claim that once Bitcoin reaches $10,000, “Level 10” FOMO will grace this market, which last occurred when BTC blipped above $4,500 in late-2017. If history is any guide, the cryptocurrency market will shoot even higher once $10,000 is breached. As the analyst wrote on Twitter earlier this month, “[$10,000] will see FOMO from those who gloated about the 90% crash in BTC… and those who saw Bitcoin dead as forever.”

bitcoin fomo

Per CCN, which reported on this first, the Wall Street analyst stated on a podcast with Binance’s CFO that once $10,000 is breached, there will be a “fast and furious” move to $20,000. And from there, Bitcoin will double in the next five months, reaching $40,000 in a jaw-dropping move.

Catalysts for Further Crypto Run

Lee wasn’t the only bull on this segment. The two other guests to the CNBC show, traditional markets traders Anthony Grisanti and Brian Stutland, were also bullish. Grisanti claimed that as long as BTC doesn’t fall below $9,100, he’s long on the asset until $10,200. Stutland agreed, claiming that he would make a similar trade if he had to. And here’s why.

The CME trader claimed that Bitcoin has and continues to see use as a hedge “against fiat”, which many believe is conducive to the cryptocurrency’s long-term value proposition. This is seemingly true, believe it or not. As reported by Ethereum World News previously, a Hong Kong-based exchange TideBit traded Bitcoin for $9,340 while the asset traded for $9,180 on Coinbase, implying a 2% premium. This small trend, per eToro’s Mati Greenspan, is a sign that Bitcoin is becoming used more and more as a safe haven, validating reports that Hong Kong residents have begun to move their assets out of the region in a bid to mitigate any financial surveillance or government seizure of their wealth.

With the geopolitical and macroeconomic stage continuing to look more tumultuous than ever — with the US-China trade war, proposed capital controls in Italy, expected rate cuts by central banks, and more — some are sure that Bitcoin will only continue to see an increase in capital inflows in the months and years to come.

Photo by André François McKenzie on Unsplash

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Bitcoin (BTC) Can Reach 40,000 USD in 5 Months After Breaking The Resistance Set At 10,000 USD, Tom Lee Says

Tom
Lee remains bullish and does not stop sharing his optimistic vision
about the future of Bitcoin. In a recent interview with Binance CFO,
Wei Zhou for the exchange’s official podcast, the founder of
Fundstrat Global Advisors once again gave one of his famous bullish
predictions – perhaps the most optimistic of all:

For the well-known financial analyst, if Bitcoin achieves enough
momentum, the Bullrun could catapult it at prices higher than those
recorded during 2017:

“I think FOMO really gets triggered once Bitcoin hits 10,000 so going from 10,000 to 20,000 is gonna be fast and furious”

The analyst explains that this price increase would be quite accelerated, which corresponds to the “typical” behavior of these markets. For Lee, in less than a semester, BTC could go from $10,000 to $40,000, as long as it manages to break the historical resistance around 10,000 USD:

“If bitcoin somehow manages to get to [$10,000], it’s very likely going to make a run to $40,000 within five months.

Lee told Wei that the crypto-market begins to gain hype when prices
reach levels that have rarely been experienced (about 3% of past
cycles). 

Currently, the price that best fits this rule is $10,000. In the entire history of Bitcoin, it was traded above this line for 87 days, which fits within the range established by Mr. Lee.

The line turns green when Bitcoin (BTC) is traded at 10,000 USD or higher
The line turns green when Bitcoin (BTC) is traded at 10,000 USD or higher

Mr. Lee is known for his hyper-bullish stance, yet he has always supported his arguments despite failing in his guesses. During 2018 he had to reconsider his forecasts, lowering the price he gave to Bitcoin at the end of the year. Finally, he ended up tweeting that he would temporarily suspend predictions related to the price of Bitcoin.

Other analysts, however, do share Lee’s vision. However, rather than relying on technical analysis, most believe on fundamentals. Max Keiser, Tim Draper, Mike Novogratz and the Winklevoss brothers -to name a few- believe that Bitcoin will replace gold -or at least will become a major competitor in the upcoming years.

Currently, BTC is being traded at around 7600 USD. After a strong
rise that led it to almost 9000 USD, an alleged manipulation of
prices resulting from a massive movement of tokens caused a sharp
drop of more than 1000 USD.

Full interview available here:

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Fundstrat: Bitcoin (BTC) Moving Back to $8,000 Confirms Crypto Winter Is Over

Bitcoin Bear Market Over, Declares Fundstrat

That’s right, according to Fundstrat Global Advisors, the Bitcoin (BTC) bear market is finally over. In a tweet posted Sunday, Thomas Lee, Fundstrat’s resident crypto cheerleader and head of research, revealed his firm’s 13 reasons why he believes that the “crypto winter” has gone kaput. The most recent of these being that BTC “disturbingly” dropped to $6,200, then skyrocketed to hit $8,200.

We may not list them all, but we’ll give a good overview.

  • The Bitcoin Cash hash war of late-2018 has ended, which many believe is what catalyzed the drop from $6,000 to $3,150.
  • Grayscale’s Bitcoin Trust saw its premium over BTC spot fall to 5%, implying that “capitulation” has occurred.
  • The number of on-chain transactions has turned positive year-over-year, meaning that users of the blockchain have yet to disappear, and are actually a growing demographic.
  • Fundstrat’s Bitcoin Misery Index reached 89 on April 2nd. This is the highest reading since June 2016, and could indicate that overall bullish behavior for Bitcoin is on the horizon. As Lee explains, since 2011, a Misery reading of over 67 came only during bull markets. However, when Misery peaked above 67, BTC, on average, fell by 25%, as investors look to take profits. The Fundstrat executive did may it clear though that even if a drop is inbound, Bitcoin has more likely than not seen its one-year bear trend end at $3,000.
  • Bitcoin moved above its 200-day moving average, then the golden cross occurred just days later.
  • This one is funny. ParabolicTrav, a diehard crypto bull, reappears after a seven-month hiatus.
  • Adamant Capital revealed that think the market had bottomed, releases a bullish report after effectively calling the last rally. They explained that the
     Bitcoin Unrealized Profit/Loss (BUPL) indicator then revealed that the cryptocurrency market was entering a phase of “hope”.
  • Over-the-counter (OTC) volumes surge, hinting at immense institutional interest.
  • The news unveiled at Consensus 2019 confirm that the industry is still strong and developing.

All these factors have made him determine that by 2020, Bitcoin is “likely” to see new all-time highs at last. 

This Might Not Be The Case, Analyst Warns

Some fear that the bear market isn’t over, however. As we reported previously, Magic Poop Cannon, an ill-titled analyst, has recently begun to raise red flags, noting that the ongoing rally might be a “huge fake out”. He explains that strong, correlated increases in the Money Flow Index (MFI) and Network Value to Transaction ratio (NVT) on the weekly chart have always preceded drops in the BTC price. In 2011, when the two indicators reached the peak of their range (like we see now), a 93% correction ensued. In 2013, the two indicators hit overbought/overvalued ranges twice, which were followed by a 75% and 85% decline, respectively. If history is of any indication, Bitcoin may fall dramatically from here.

He adds that the current rally makes no sense, pinning the irrationality of this current trend to institutional investors, futures, trading desks, high-frequency trading, and other factors that have been known to manipulate the underlying nature of markets. Specifically, he looks to the fact that Bitcoin has yet to touch its logarithmic regression line, which the asset has historically traded parallel to before a bull rally. 

Title Image Courtesy of Elliott Engelmann Via Unsplash 

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It’s Time To Buy Bitcoin (BTC), Ongoing Recovery Looks Bullish: Fundstrat Analyst

bitcoin crypto btc bull

Fundstrat Awaits Rally Past $6,000

Over the past 48 hours, Bitcoin (BTC) bulls have begun to return en-masse. As of the time of writing this, BTC is trading at $5,675, finding itself up by around 5% in the past 24 hours. Crypto assets as a whole have yet to post similar gains, leading some to postulate that Bitcoin’s recent rally has much to do with the Tether and Bitfinex news, but some are sure that the asset’s chart remains bullish.

In a recent research note obtained by Bloomberg, Robert Sluymer, Fundstrat Global Advisor’s technical strategist and in-house chartist, explained that BTC is currently in the midst of a longer-term recovery. He explains that it would be wise for investors to “use pending pullbacks,” which may soon arrive as a result of Bitcoin being overbought per some indicators, to “accumulate BTC in the second quarter.” Sluymer adds that there may be a “second-half rally” through the $6,000 resistance level, especially considering the rebound off its 200-week moving average and breakout from its early-2019 trading range.

This purportedly comes after Sluymer was bearish on cryptocurrencies in late-2018, citing November’s move as a catalyst for the creation of “significant technical damage.”

Not The Only Bull

Sluymer isn’t the only analyst currently bullish on Bitcoin and the digital asset market at large. Murad Mahmudov, Adaptive Capital’s chief investment officer that is 75% sure the bottom is in, noted in a recent chart that the liquidity gap between $5,600 and $6,400 could attract BTC rapidly towards that level. He points out that a similar occurrence came to life when BTC rallied past $5,000 on April 2nd, as a lack of liquidity (meaning little short-term resistance) in the mid-$4,000s aided bulls greatly.

For this to move to come to fruition, however, Bitcoin will need to break past the $5,600 resistance and set up shop above that key local level.

Bitcoin Fundamentals Look Strong Too

Even if technical readings don’t prove to be bullish, fundamentals are surely leaning in Bitcoin’s favor. As Tom Lee of Fundstrat recently remarked on a CNBC “Fast Money” segment, the transactional value of on-chain BTC transfers has turned positive on a year-over-year basis, while the average daily transactions processed have almost reached all-time highs. What’s more, big names, both in terms of institutions and corporations, continue to siphon time, capital, and talent into this space without much of a concern. He adds:

We surveyed OTC brokers, who are really important in facilitating institutional investors, and they’ve all talked about a 60% to 70% increase in activity/number of clients and trading volume per client. Fundamentals are improving; technicals are improving, and activity by HODLers too.

And with that, Lee concluded that BTC could start to enter a state of “spring” after a brutal winter, adding that the asset is “likely” to see new all-time highs at last in 2020.

Photo by Noah Silliman on Unsplash

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Fundstrat: Bitcoin (BTC) Bulls Are In Control, Per Mounting Evidence

bitcoin

Bitcoin Looks Bullish, According to Fundstrat

After 14 months of brutal bear market conditions, data and other pieces of evidence are finally starting to accentuate that Bitcoin bulls are taking control of the BTC price wheel once again. In a recent Twitter thread, Ken Xuan, a researcher at Fundstrat, noted that while there remains a “fairly high level of skepticism and apathy towards [the] recent recovery in crypto prices,” evidence is mounting that bulls are back in control, and more importantly, are preparing to kickstart a large rally to new heights.

Xuan notes that the Bitcoin Cash and Bitcoin SV fork wars have now exhausted, which is notable because the start of this debacle is what seemingly caused BTC to drop $6,000 to $3,000 in November and December of ’18. He adds that sentiment has begun to flip notably bullish, as seen with the Bitcoin Misery Index’s recent move past 67, the influx of on-chain accumulation of BTC, and a growing number of cheery tweets from market leaders, further hinting that the bottom is in. Case in point, it has been noted that the Misery Index readings of above 67 are only seen during bull markets.

This comes just days after Tom Lee, the co-founder and head of research at the New York-based group, further broke down Fundstrat’s current investment thesis on Bitcoin.

As reported by Ethereum World News previously, firstly, Lee looked to blockchain statistics, specifically that of Bitcoin. He explained that the transactional value of on-chain transfers has turned positive on a year-over-year basis, signifying that BTC is still seeing constant use for its intended purpose, in spite of the brutal conditions in the market. What’s even more positive is the fact that average daily transactions processed on the Bitcoin chain are reaching near-all-time highs, but that the fee market has yet to froth.

Secondly, the long-standing cryptocurrency optimist (who is also hopeful that traditional markets and emerging markets will do well too) looked to the fact that BTC has moved above and held on top of its 200-day simple moving average.

Throughout Bitcoin’s history, and the history of other liquid, tradable assets, the aforementioned technical level has been seen as a kind of ‘make or break’ point, in that holding above it signals that bulls have the upper hand.

Combine this with the fact that Bitcoin’s daily chart recently printed a golden cross, which saw the 50-day simple moving average cross over the 200-day, is another reason, in Lee’s eyes, that “spring” might finally be inbound for digital assets across the board.

Lastly, and arguably most importantly, is the growth in trading activity in cryptocurrency markets, especially over-the-counter (OTC) desks. Citing closed-door conversations, Lee explained:

“We surveyed OTC brokers, who are really important in facilitating institutional investors, and they’ve all talked about a 60% to 70% increase in activity/number of clients and trading volume per client. Fundamentals are improving; technicals are improving, and activity by HODLers too.”


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Forget The FUD, Fundstrat’s Tom Lee Sees New Bitcoin (BTC) Highs In 2020

Fundstrat Head Proclaims Crypto Winter Over, Expects Bitcoin Rally

Forget the FUD, Tom Lee of Fundstrat Global Advisors is still decidedly bullish. In a CNBC “Futures Now” segment released prior to this recent news regarding the legitmacy of Tether and Bitfinex’s financials, the Bitcoin (BTC) permabull explained why he is still bullish on this asset class, and why he expects for BTC to see new highs in the coming 20 months.

Lee explained that there are “11 signs” that only take place in crypto bull markets, and some of those have been recently shown their faces. The analyst, who heads Fundstrat’s research division, looks to on-chain transactional volumes, which have purportedly turned positive on a year-over-year basis; Bitcoin crossed above its “big technical hurdle,” the 200-day moving average, and a golden cross was formed just days later, and over-the-counter (OTC) exchanges have seen an uptick in trading volumes. On the matter of the last point, he elaborated:

We surveyed OTC brokers, who are really important in facilitating institutional investors, and they’ve all talked about a 60% to 70% increase in activity/number of clients and trading volume per client. Fundamentals are improving; technicals are improving, and activity by HODLers too.

This, in the eyes of Lee, are signs that BTC could start to enter a state of “spring” after a brutal winter. He concludes that by 2020, Bitcoin is “likely” to see new all-time highs at last. But what will drive this move?

As Lee pointed out in previous mainstream media appearances and social media posts, the fact that “old whale wallets are buying Bitcoin” as “a lot of positive things take place” in the industry is a sign that $14,000 is fair for BTC.

He adds that the MSCI Emerging Markets Index, pulled down BTC over 2018. More specifically, this specific index fell by 27% over 2018, as Bitcoin lost 70%. But with Fundstrat predicting emerging markets to outperform U.S. equities over 2019 and considering the seeming correlation, Lee wrote that if BTC “catches up” to macro markets, it could reach as high as $10,000 or $20,000.

Reasons To Still Be Bearish

However, some are sure that there remain reasons to be bearish on cryptocurrencies at large. For instance, the recent Tether and Bitfinex news, which revealed that the two entities are under investigation by the New York Attorney General’s office for purported “fraud,” shows that this market remains nascent at best, meaning that it might not be ready to see an influx of capital.

Technicals, too, aren’t looking all too great. Financial Survivalism recently explained that the recent action in the TD Sequential and Relative Strength Index (RSI) indicators looks almost identical to that seen in early-December, but entirely inverted.

Thus, if history is followed, Bitcoin could see a “prolonged period of consolidation,” which could happen between $4,200 and $5,800. He adds that if BTC falls under its 50-day and 200-day exponential moving averages (EMA) at $4,700, the golden cross would be deemed invalid, setting the stage for a potential move lower.

Title Image Courtesy of Dmitry Moraine Via Unsplash 

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Altseason? Analyst Claims Sticking With Bitcoin (BTC) May Be Safer For Now

The Case For A Crypto Asset Rally

Fundstrat’s prominent head of research, Tom Lee, recently took to Twitter to remark that one of the “pre-conditions” for historical altcoin rallies is coming to life in the current cycle. This precursor, for those unaware, is a drop in the correlation between the crypto asset class at large and Bitcoin (BTC) itself.

Per Lee’s chart (seen above), a strong drop in the rolling 90-day correlation between the two subsets has preceded three altseasons — Mar 2016, early-2017, and late-2017/early-2018. An altseason, as defined by Fundstrat, is when a large percentage of altcoins in the “liquid universe” rally by over 200% in a few months’ time.

With preliminary indicators predicting a further collapse in the correlation between digital assets and BTC, an altseason might already be well underway. If you take a brief gander at CoinMarketCap or other analytics providers, this would seemingly be the case.

Binance Coin (BNB) recently surpassed its all-time high, in a brutal bear market no less, as the launch of the exchange’s in-house chain and decentralized exchange have been a boon for its price. Litecoin, Cardano, and Basic Attention Token are among other prominent cryptocurrencies that have also seen jaw-dropping gains in the past 90 days, as they push higher as a result of fundamental and technical factors. But, this uptick might just be the tip of the iceberg.

As Lee explains, historical altseasons averaged gains of 1,100%. He adds that Fundstrat expects for the next rally in cryptocurrencies to “deliver returns similar to the 2017/2018 cycles.” Fundstrat isn’t the only entity claiming that crypto assets other than Bitcoin could outperform BTC in the coming months.

Per previous reports from Ethereum World News, Twitter commentator Galaxy explained that with Bitcoin’s market dominance rally being the weakest so far, he wouldn’t be surprised to see BTC’s share of the cumulative value of cryptocurrencies fall under 30%.

Analyst Begs To Differ, Keeps Portfolio Bitcoin-Heavy

Another prominent analyst, however, claims that altcoins might not be ready to push higher against Bitcoin just yet. In a recent tweet, The Crypto Dog, who sports over 100,000 followers on Twitter, claimed that as altcoins fell faster and further than Bitcoin (-2.5% compared to -1%) in Sunday’s drawdown, he is now less interested in other cryptocurrencies. He explains that he will now be skewing his portfolio heavier to BTC, as he expects for the market leader to begin to outperform altcoins in this time in this indecisive time.

Photo by Mark Finn on Unsplash

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