Bitcoin Price Breakout Scheduled for August, Says Fundstrat’s Tom Lee

[cybersofts]

Fundstrat Global Advisors co-founder Thomas Lee broke with tradition about Bitcoin (BTC) price forecasts on March 14, telling CNBC he thinks a bull market could return within six months.

In an interview with the publication, Lee, who is well known as a Bitcoin bull — but said he would stop giving out timeframes for a price rebound in December — now claimed August could see a market U-turn.

“I think the key number to watch is the 200-day moving average,” he told the network, continuing:

    “If Bitcoin holds above $4,000, it’ll cross its 200-day [moving average] by August, so I think the outside window is five to six months before Bitcoin starts to look technically like it’s back in a bull market.”

Referencing Bitcoin Cash’s (BCH) contentious hard fork in mid-November, Lee stated, “I think the damage that really needs to be repaired is that drop from $6,000 to $3,100,” adding:

    “I think it really undermined investor confidence and the dynamics around the market[.]”

As recently reported, Bitcoin had begun to deliver returns to investors through February, with average daily increases of around 0.5 percent. The number this month has shrunk, with daily numbers closer to 0.2 percent, leading some to think a fresh bear market downturn could be imminent.

Since peaking at all-time highs around $20,000 in December 2017, Bitcoin has seen the longest bear market in its history, with subsequent lows averaging just above $3,100.

In December, fellow market analyst Tone Vays sounded a more intense warning, forecasting BTC/USD to fall to near $1,000 before bearish sentiment definitively ends.


Reference: https://cointelegraph.com/news/bitcoin-price-breakout-scheduled-for-august-says-fundstrats-tom-lee

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[figmentofmyass]

i thought he was done making predictions. say it ain't so, tom!

he's been the best contrarian indicator i've ever seen. i'm hesitant to stay too bearish for too long, but this prognostication from tom lee might have just delayed the bull market until at least december!

[mrdeposit]

Hope this prediction will be real in the summertime. Otherwise, we need to wait 6 months for the price in order to touch the resistance level and breaking it.  August is a good month for bitcoin and the latest fork of Bitcoin happened in the summer of 2017.

[Oceat]

If he's not right about it then I might count his prediction as a lucky shot, though I am not really into this prediction thing where people predicting prices. Since we are in a bearish trend why not trust some of them, there's nothing wrong if we just trust him, but if you guys are planning to invest just because of something like this, it is up to you to take that risk. I know cryptocurrency in really unpredictable.

[dothebeats]

i thought he was done making predictions. say it ain't so, tom!

he's been the best contrarian indicator i've ever seen. i'm hesitant to stay too bearish for too long, but this prognostication from tom lee might have just delayed the bull market until at least december!

Tom Lee has been the cryptoworld's most jinxed guy after a lot of his predictions went the other way around of what he expected. Still, props to the dude for continuing his predictions even though he already made his name somewhat a laughing stock in the cryptoworld. Every time I see a bullish prediction from Tom Lee, I already think about the other way around as was always the case even on his previous predictions. I mean, it's okay to be a permabull but you need to have some sensible predictions on a multitude you give out.

[tomahawk9]

And Tom Lee is back! I was starting to wonder where he went...

I guess he's trying to keep his clients happy and calm as they're probably getting a bit tired of waiting for the price to go up, so he decided to throw some random date backed with TA to make it look more "professional", but as we all know, at the end of the day, TA can't help you predict the next surge in the btc price.

He has such a bad record when it comes to btc predictions, let's see if he gets it right this time.

[mk4]

I mean, Tom Lee predicted $20,000 for the end or 2018, and failed miserably. It wasn't even anywhere close. If people still think these predictions are anywhere accurate at all, well that's beyond me. Almost everyone pretty much made ridiculous predictions last year.

[n0ne]

I mean, Tom Lee predicted $20,000 for the end or 2018, and failed miserably. It wasn't even anywhere close. If people still think these predictions are anywhere accurate at all, well that's beyond me. Almost everyone pretty much made ridiculous predictions last year.

Agreed, last year the fall itself stated as an beginning for a large scale price pumping. Beyond certain price drop people weren't able to digest the same. Users had a thought of bitcoin price to be above $5000 to be a standard value. To the expectation everything got crashed as most predictions. This time Tom has put forth his statement regarding a strong price pumping. Let's hope the best happens.

[bbc.reporter]

i thought he was done making predictions. say it ain't so, tom!

he's been the best contrarian indicator i've ever seen. i'm hesitant to stay too bearish for too long, but this prognostication from tom lee might have just delayed the bull market until at least december!

I like Tom Lee better when he is his bullish self, throwing predictions in the air from nowhere. Be careful, however. This time his predictions might be correct. The bear market must end somewhere hehehe.

[Tipsters]

Ive like this guy much better than someone noisy guy who keep saying he would it is his dick if the price of bitcoin reach that impossible amount. I wont name that guy possibly everyone here knows him and he is the king of all shiller (paid ads to shill). Bitcoin experiencing the longest bear run could mean a lot and a possible break out on its current level isnt assured yet.

[figmentofmyass]

i thought he was done making predictions. say it ain't so, tom!

he's been the best contrarian indicator i've ever seen. i'm hesitant to stay too bearish for too long, but this prognostication from tom lee might have just delayed the bull market until at least december!

I like Tom Lee better when he is his bullish self, throwing predictions in the air from nowhere. Be careful, however. This time his predictions might be correct. The bear market must end somewhere hehehe.

exactly, that's why i don't take this one too seriously. whether we bottomed 3 months ago or it happens later this year, tom lee will be right eventually just like a broken clock. i'm still a long term bull, so i'm betting on him being right eventually.

i just hope for his sake that fundstrat still has some clients by then!

[Baofeng]

I also like Tom Lee's prediction though, obviously he has all the intentions from behind, but in the last couple of his predictions, he seems to be shall we say, his feet is on the ground. He doesn't have that exorbitant predictions as he used to be. He even admitted that there will be no bull-run at the end of his 2018 predictions. But this time, I hope he is right at it seems plausible, at least the way I see it.

[Herbert2020]

at least now his predictions are starting to make more sense compared to what he kept insisting on last year with new ATH and stuff like that!
the biggest problem that bitcoin is currently facing for its rise is the damage that was inflicted on the investors' confidence because the latest drop that we had (going below $6k) was considered purely manipulative and due to BCash FUD and other kind of attacks on the market value. and to get out of this kind of lack of confidence we first need to see some rises and some time for accumulation. and that is what has been happening these days. if it is kept up we can see $6k within 1-2 months.

[Oilacris]

i thought he was done making predictions. say it ain't so, tom!

he's been the best contrarian indicator i've ever seen. i'm hesitant to stay too bearish for too long, but this prognostication from tom lee might have just delayed the bull market until at least december!

I like Tom Lee better when he is his bullish self, throwing predictions in the air from nowhere. Be careful, however. This time his predictions might be correct. The bear market must end somewhere hehehe.

Anyone can throw their predictions from nowhere but the difference with these popular people is that their predictions either do have possible impact or not having at all.
So, as a fundamental kind of trader then you might see this as a sign for a good position indication.

[Kemarit]

at least now his predictions are starting to make more sense compared to what he kept insisting on last year with new ATH and stuff like that!
the biggest problem that bitcoin is currently facing for its rise is the damage that was inflicted on the investors' confidence because the latest drop that we had (going below $6k) was considered purely manipulative and due to BCash FUD and other kind of attacks on the market value. and to get out of this kind of lack of confidence we first need to see some rises and some time for accumulation. and that is what has been happening these days. if it is kept up we can see $6k within 1-2 months.

Exactly, Tom's prediction last year was very disastrous to his reputation, and he keep on singing the same tune when everyone, even just a casual traders knows exactly what's going on to the market at that time. At least today, or for this year, he learn from his past mistakes and his prediction seems to be achievable at least this year. I don't know how Fundstat and his clients are doing, and I do hope that his clients are still with him eventhough we're still in the bearish cycle.

[carter34]

It is already clear that we are at the button bear and a prediction for bull won't be much of a big news. My worry then is, it is likely to start a bull before August.

[StarofBTC]

I mean, Tom Lee predicted $20,000 for the end or 2018, and failed miserably. It wasn't even anywhere close. If people still think these predictions are anywhere accurate at all, well that's beyond me. Almost everyone pretty much made ridiculous predictions last year.

You can’t blame him mate because he has to answer those who are asking him questions about target prices from time to time and if he doesn’t use his position to influence the market through his predictions, who else will ? There are lots of events that have occurred along the line that one cannot easily predict which has had one or two negative effect on the price.

At least in past, before now, predictions has played a major role in the upward trend of market prices, just that a lot of people are tired of following predictions now as many of them has not gotten any right, very soon prediction will lose its relevance in this market just like ICO is already losing.

[Febo]

Bitcoin Price Breakout Scheduled for August, Says Tom Lee )

He predicted so many false predictions that is last time he will be right once. Even broken clock is right twice a day!

[BitFinnese]

Exactly, Tom's prediction last year was very disastrous to his reputation, and he keep on singing the same tune when everyone, even just a casual traders knows exactly what's going on to the market at that time. At least today, or for this year, he learn from his past mistakes and his prediction seems to be achievable at least this year. I don't know how Fundstat and his clients are doing, and I do hope that his clients are still with him eventhough we're still in the bearish cycle.

Well, there is no harm in trying even if his reputation suffers.  But one correct prediction will redeem him from all those disgrace so, why not tell another prediction.  Though it is funny how he said not to tell another prediction and  yet he is here again predicting something about Bitcoin being bullish, maybe he saw something that we failed to see.  Whatever our opinion regarding this prediction, only time can tell if he is right or not.

[n0ne]

Bitcoin Price Breakout Scheduled for August, Says Tom Lee )

He predicted so many false predictions that is last time he will be right once. Even broken clock is right twice a day!

Till date very few price predictions might have coincided with the reality. As in the quote as broken clock coincides with the right time in cryptospace too that can happen. Yesterday too some price predictions have come stating that the market price Wil reach ₹10000 by the fourth quarter of the year. As an user it is good to predict ourselves and stick to it. These predictions need to be considered as a boosting to stay active on cryptospace.