Fundstrat Global Advisors’ co-founder and senior market strategy analyst, Thomas Lee, said that it would not be too long for Bitcoin (BTC) to return to the price area around its historic high, trading at around $20,000.
Lee stated this during an interview with Block in Press. Thomas Lee began to research as a technology analyst in 2006, studying innovations that affected the already existing markets. Later, he found Bitcoin for the first time, and was immediately convinced that it will innovate the payment systems. Lee said:
“Bitcoin is a secure, decentralized protocol, and the consensual work-proof algorithm (PoW) is a tremendous innovation. People who believe in the decentralization of money support Bitcoin, which is one of the reasons I really like Bitcoin.”
What is waiting for us?
Thomas Lee states that the Standard & Poor’s index (S&P 500) must first stabilize. Bitcoin will not bring new highs until the new high reach the S&P 500. According to Lee, the US-Chinese trade war and Brexit may also play a key role.
Thomas Lee also commented:
“I think Bitcoin will soon be able to reach $20,000. Bitcoin has survived and has proven its worth even in numerous declines. There are not many assets that have survived dipping below 90%, but Bitcoin has survived again and again.”
The ten best days rule according to Thomas Lee
Thomas Lee also reminded that Bitcoin’s price history shows that most of the profits of this cryptocurrency come in the top ten trading days of the year.
For example, during the last bull market in 2017, the price for these ten days increased by 1.136%. Even during the bear market in 2018, Bitcoin recorded a 66% profit in the top ten days.
Excluding these ten days, Bitcoin is comparing to significant losses. During the bull market in 2017, while the BTC posted a profit of 232%, in 2018, there was a loss of 140%. In 2013, Bitcoin recorded a loss of 199% and in 2014, a loss of 133%.
Without these ten days, Bitcoin recorded an average annual loss of 25% since 2013.
The price of Bitcoin is currently around the $8,600 mark, which represents approximately 110% more profit for this year. And how do you, dear Cryptomagazine readers, look at the situation around Bitcoin? Do you maintain the same opinion as Thomas Lee that Bitcoin will soon reach its historic highs? You can express your views in the comments below.
Full bitcoin info right here: https://en.wikipedia.org/wiki/Bitcoin.