Tom Lee Bitcoin price prediction: Rise by over 200% over the next 6 months

Tom Lee Bitcoin price

Tom Lee co-founder at Fundstrat has made his prediction: Bitcoin price points that top crypto like Bitcoin, Ethereum, etc. would be on the rise by over 200 percent over the next six months.

Tom Lee, however, in an interview with Yahoo! Finance explained that BTC broke above its 200- day moving average (DMA). From past happenings, it is proven that whenever BTC breaks 200 DMA, it brings stellar returns after the occasion.

Tom Lee said:

Whenever bitcoin breaks back into its 200-day, its average six-month gain is 197%, so we’re talking about a levitation taking place.

Tom Lee Bitcoin price was in line with his company who had also estimated Bitcoin’s surge to 80%when it is trading beyond the widely-tracked average. Lee, even in his 2020 Bitcoin price prediction, has said the crypto would generate more returns in 2020 owing to geopolitical events. Coronavirus epidemic is an example believed to have to make BTC price go up in January.

“These geopolitical events, including coronavirus and geopolitical tensions, really improve the use case.” He said.

However, this year referring to analysts’ general review, is believed to be one of the good years for BTC price as the Halving event approaches.

Tom Lee Bitcoin price related to Iran-US tension

Bitcoin’s price had experienced a surge this year when there was ongoing tension between Iran and the U.S. However, as soon as the pressure eased between both countries, the crypto price began to crash.

Forbes reported earlier in January when tension was building between both countries that the crypto has risen 15% in 2020 and added 5% to its value. The 5% increase was primarily attributed to news of the event when Iran launched a missile attack on US-led forces in Iraq. However, after U.S. President Donald Trump’s comments downplaying the situation in Iran, the crypto began to drop.

Predicted Bitcoin price after halving event

CEO of Celsius Network, another crypto asset startup, predicted that the crypto would be around $30,000 by the end of 2020. He also regarded that people underestimate the effect of the approaching halving event. Reportedly, his prediction falls in line with other forecasts that the halving event could shoot BTC price upwards.

Also, it has been predicted that BTC could be around $16,000 by June 2020 after the halving event, as this would align with Mashinsky’s price prediction of $30,000 by year-end.

Featured Image by Pixabay

Muhaimin Olowoporoku

Muhaimin Olowoporoku

Muhaimin loves writing on crypto news aside from being a crypto enthusiast. He has a knack for analysing issues and updating people on what's happening around the globe. He believes that blockchain and cryptocurrency are the most useful systems of mutual trust ever devised.

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