Research Predicts $91,000 By March 2020 for Bitcoin

positivesynergy (43)in #bitcoin • 6 years ago (edited)

Tom Lee, Head of Research at Fundstrat Global Advisors, said they believe bitcoin could rise to $91,000 in 2 years by March 2020. Fundstrat has compiled a very impressive database, full of Bitcoin (BTC) statistics & graphs that helps visualize short-term, long-term performance trends after past market dips. Included in the research is the cost of mining Bitcoins, hourly, daily and monthly trading trends and TA (Technical Analysis). They used an average of the percentage gained in price after each dip to arrive at the 2020 prediction.

Their chart data shows that after Bitcoin’s four major declines of 70% or greater since 2010 it has experienced significant gains. Their Bitcoin Misery Index, or BMI, which is contrarian indicator, just over a week ago showed that was at the second lowest point of the past 8 years. A contrarian indicator means the lower it is, the more positive the outlook is for Bitcoin to move up in price. Here is a link to @jrcornel's coverage of that. As the saying goes, "No Pain, No Gain". In this case it is a matter of short-term pain for long-term gain.

Lee and his team have produced a new graph that shows Bitcoin’s four declines of 70% or greater since 2010 . After the previous three drops it has experienced significant gains, eclipsing the returns of any other asset over the same time period. Because the chart has a logarithmic scale, Bitcoin’s price movements don’t look as pronounced as they would be if charted on a linear basis, as most TA graphs are depicted.

(Graphic Source: Forbes)

The report also shows that Fundstrat’s strategy is to focus on more established digital currencies, as large corporations and organizations will more than likely only put resources into a narrow selection of them.

A few other relative posts I've shared here:

Why Stellar Lumens (XLM/STR) is One of My Favorite Crypto Currencies
G20 CEASEFIRE - NO NEW CRYPTO REGULATIONS
CRYPTO CRASH - WHICH WAY FROM HERE?
BECOMING A DISCIPLINED INVESTOR

You can open a cryptotrading account on Binance.

You can also purchase Bitcoin, Ethereum, Litecoin or Bitcoin Cash on Coinbase using this link and receive $10 in bitcoin once you purchase your first $100 worth.

All the best

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