By Solomon Odunayo
Thomas Lee, the Managing Partner/ Head of Research at Fundstrat Global Advisors, has recently shared his opinion regarding Bitcoin price status. He opined that Bitcoin is starting to re-enter the bull market judging by the recent development.
Bitcoin (BTC), the largest cryptocurrency by market capitalization is now priced above $9,000 resistance level. The digital currency is beginning to indicate signs of lasting price resurgence. This is starting to boost the hope of many Bitcoin enthusiasts in the crypto sphere.
Thomas Lee Says Bitcoin is Essentially Re-entering Bull Market
Thomas Lee recently took to twitter to analyze the market trend of BTC. He pinpointed the movement of the first cryptocurrency back above its 200-day moving average on 27th January as an important development for a positive trend of the digital currency.
He averred that this is a favorable milestone that prepares cryptocurrency for great moments in 2020. He said it has always turned positive for BTC whenever such a development plays out. In conclusion, Lee opined that the development is essential in aiding Bitcoin into re-entering the bull market.
He said, “Bitcoin moved back above its 200-day moving average on 1/27… positive milestone and reinforcing 2020 shaping up to be great year for BTC – whenever BTC >200D, win-rate (6M forward) jumps to 80% and essentially “re-entering” bull market (>200D).”
Bitcoin moved back above its 200-day moving average on 1/27… positive milestone and reinforcing 2020 shaping up to be great year for $BTC #bitcoin
– whenever BTC >200D, win-rate (6M forward) jumps to 80% and essentially "re-entering" bull market (>200D)#BTD #bestasset2020 pic.twitter.com/YbpQYHpLaj
— Thomas Lee (@fundstrat) January 29, 2020
At the moment, the price of BTC is still stable above the $9,000 support level, which is very essential for the next trend of the digital currency.
At press time, BTC is trading at $9,380.98, with a 3.6% price uptrend in the last 24 hours. Bitcoin halving is fast approaching. The majority of the crypto pundits await BTC price overhauling, while some other pundits believe that the much-anticipated halving is already priced in.