Bitcoin Price Will ‘Easily’ Blast Beyond All-Time High Soon: Wall Street Analyst

Published:

19/06/2019 01:25

EST. Journalist:

By CCN Markets: Speaking to CNBC’s Futures Now, Fundstrat co-founder and head of research Thomas Lee said that considering the momentum of bitcoin, the dominant crypto asset is likely to take out its all-time high very soon.

“Well, you know I think bitcoin ultimately becomes a reserve currency in crypto, bitcoin at $9,000 has only been at this level in four percent of its history. We’re deep into a bull market and people are pretty silent about it. I think bitcoin is easily going to take out its all-time high,” said Lee.

Lee’s optimistic projection of bitcoin comes after the asset recorded a 113 percent increase in value since April within a two-month span from $4,310 to $9,200.

Why analysts are so optimistic about bitcoin price at this current phase

Historically, as a highly volatile asset, bitcoin has tended to record most of its gains in a year within a 10-day time frame, as Lee previously explained.

The last time bitcoin price surpassed a fear of missing out (FOMO) level, the asset demonstrated an increase of around 200 to 400 percent against the U.S. dollar.

Lee indicated that $10,000 is considered to be the near term FOMO level for bitcoin and surpassing that level could sustain the strong momentum of the asset throughout the near to medium term, taking the asset to a new record high.

Bitcoin is up well over 100 percent in the past two months (source: coinmarketcap.com)

“To be more clear, we looked at past fear of missing out (FOMO) periods; so when does bitcoin trade within three percent of its historical price levels and that was roughly $10,000 for bitcoin. And looking at the past bull cycles, once you breach that FOMO level, bitcoin typically rallies 200 to 400 percent,” Lee told Chepicap at the CryptoCompare Digital Asset Summit 2019.

The general sentiment around the crypto market has noticeably improved in the past week due to the release of the whitepaper of Libra, a crypto asset…

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