Bitcoin started 2020 great. After more attempts to break above $10k, Bitcoin finally managed to do this.
After that, the coin suffered a correction, but then it was able once again to surpass this important psychological level.
Just a few days ago, the most important coin in the crypto market was able to surpass the crucial level of $10k, which is said to have triggered FOMO.
Bitcoin can reach higher highs in 2020
Fundstrat co-founder Tom Lee says that Bitcoin has the potential to reach more highs this year.
In a recent appearance on CNBC’s Power Lunch, Lee said that Bitcoin is now at the start of a new bull run.
“A lot of good things have happened with Bitcoin this year. One is the halvening is happening in May. But we broke above the 200-day [moving average] – so back in a bull market. There is the corona[virus] risk and geo-political tension…” he said.
He continued and explained that “Last year, I think Washington killed the Bitcoin rally. But with the elections, it’s sort of not in the purview of Washington. So I think Bitcoin could rally very strongly from here.”
Lee also addressed the projected strength of this rally and said:
“When Bitcoin breaks above its 200-day, which it did about two weeks ago, its average six-month gain is about 190%. So this would point to all-time highs sometime this year.”
The #Bitcoin surge has wowed investors, but is it a better bet than U.S. equities for 2020 and beyond? @fundstrat's Tom Lee gives his verdict. $BTC pic.twitter.com/ad6kMg4yo9
— Power Lunch (@PowerLunch) February 10, 2020
At the moment of writing this article, BTC is trading in the red, and the most important coin is priced at $10,200.57.
Bitcoin is at the most overbought level since 2017
Earlier today, we reported that at the moment, Bitcoin is at its most overbought level since December 2017.
This is the highest level since late 2017 when prices hit a life-time high of $20,000.
Despite the huge market volatility, the optimistic predictions about BTC’s price continue – the most popular one is that BTC will hit $100k by the end of 2021.