Tom Lee Predicts An “Everything Rally” When Bitcoin’s Price Doubles
In a note published on Tuesday, Tom Lee, Head of Research and Partner at Fundstrat Global Advisors, predicted that the Bitcoin’s price could attain $100,000 by this year ending, with an “everything rally” driving the markets.
According to Business Insider, Lee outlined in the note the recent rally in Bitcoin, which saw the cryptocurrency surge more than 50 percent in the past month, as a clear indicator that markets everywhere would recover if cases of COVID-19 were subdued.
According to Lee, we will continue to anticipate that everything will rally in 2H2021, as the rising of this Delta wave will be a blessing. Furthermore, the likelihood of a fall surge is diminishing. As a result, this would be a positive surprise for the markets.
The veteran Wall Street advisor predicts that all markets will rise due to the Institute for Health Metrics and Evaluation (IHME) prediction that COVD-19 cases in the United States will rise this week. He anticipates that if the resurgence of Delta variant virus cases does not dampen investors’ resolve, they will buy stocks.
Besides that, not all in the cryptocurrency market concurs with the assessment of the Veteran Wall Street advisor. Weiss Crypto Ratings, a business that offers individual stocks ratings, mutual funds, cryptos, ETFs, and commercial banks, has tweeted saying that, while they concur that Bitcoin is now on the rise, the rise is not attributable to the economy’s recovery from the COVID-19 pandemic.
As other bullish predictions have emerged, the market is collectively optimistic about Bitcoin’s performance. Will Clemente, an on-chain expert, recently predicted that Bitcoin would strive for $175,000 once it regains $57,000 to validate the bull run.
In a tweet by the company, they stated that according to Tom Lee, the declining effect of COVID-19 would boost Bitcoin, with its dollar value reaching $100,000 by the end of 2021. That is completely absurd. Bitcoin’s most ferocious rally since 2018 occurred due to the COVID-19 response, not despite it.
Bitcoin appears to be preparing to recover the yellow mid-line for bullish surge validation, which is presently at $57,500. Once validated, the following objective at $92K would be delta/top average (orange). Assuming that level is recovered, we will aim for the high pricing structure, which is $175K.
Hash Ribbons Indicator is a metric developed by Charles Edwards, the founder of Capriole Investments, for tracking the thirty- and sixty-day moving average of Bitcoin mining hash rate, which has also flashed blue. The indicator is based on the hash rate, which is the quantity of computing power generated by BTC miners at any given time is referred to as the hash rate. It helps determine when miner capitulation occurs as it’s useful in estimating the local Bitcoin bottoms.
Market participants believe it is one of the most popular and effective buy signals for Bitcoin because the last time this phenomenon occurred, Bitcoin increased by 258 percent. The indicator is almost 100 percent efficient, has a 4157 percent average return and a -11 percent average drawback risk. If the pattern continues, Bitcoin will reach around $157,000.
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