bitcoin

Bitcoin Price Getting “Close to a Buy,” Fundstrat’s Lee Declares on CNBC

Yesterday, CNBC “Fast Money,” after weeks of not covering Bitcoin, finally bent the knee, discussing the feasibility of Tim Draper’s $250,000 prediction for the leading cryptocurrency.

Contributor and investor Brian Kelly remarked that if you look at BTC’s long-term logarithmic growth channel, the upper bound of that channel, which the asset has been trading in for eight years now, is somewhere in the $200,000 range by 2022-2023.

While the consensus on that panel was a tentative yes, in that Bitcoin’s directionality remains long-term bullish, how do analysts on that panel expect for BTC to do in the short term?

Bitcoin Nearing Buy Zone, Fundstrat’s Lee Says

Tom Lee, the co-founder of Fundstrat, was sitting in on that panel to weigh in on Bitcoin trends. And interestingly, he was optimistic, echoing a line of his made earlier this year that 2020 is likely going to be good for cryptocurrencies and related technologies.

Lee said that if you consider a technical indicator that has worked quite well for the cryptocurrency market, “Bitcoin is nearing a buy.”

Bull Argument Cut and Dried

While Lee still seems to be somewhat tentative in assuring that BTC is entering buying territory, there are distinct signs that a bottom is nearing, and that the cryptocurrency will outperform heading into 2020 and beyond.

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Thomas Thornton, a hedge fund services specialist and market analyst, recently posted the chart below to Twitter, showing that a Bloomberg chart of Bitcoin with the TD Sequential Combo indicator suggests that one of BTC’s candles is printing a “buy 13” signal. Such signals, the TD Sequential indicator suggests, are indicative of impending price reversals.

That’s not to mention that such 13 candles were registered by the TD Sequential when BTC hit $20,000 in December 2017 and when BTC cratered to $3,150 on December 14th.

There’s also a sentiment from an array of industry executives that the impending block reward reduction will boost Bitcoin. The Winklevoss Twins of Gemini, for instance, said: “The bitcoin halvening should already be priced in but isn’t (it never has been) and it therefore will catalyze a large bull run (as it always does).” While Johnny Dilley of Mempool Partners echoed this: “Everyone forgets the halving. As we head into the halving, fomo will kick in.”

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