Friday, April 16, 2021

Why Fundstrat Believes that Bitcoin (BTC) Would Rally By 193% Over the Next 6 Months

A popular research firm Fundstrat has recently forecasted that Bitcoin is on the verge to surge by 193%, a move that could play out over the next 6 months.

The firm made this bullish Bitcoin (BTC) price prediction in a client note and based it on the fact that the flagship digital currency has again crossed the 200-day moving average (MA) when it recently experienced a notable surge above $8,900 price region.

The research firm Fundstrat, arrived at this huge percentage, due to the historical trend of the price of Bitcoin (BTC). Mathematically, Fundstrat expects the cryptocurrency to trade around $17,000 in the next 6 months.

Obviously, 200-day MA is one of the important indicators when cryptocurrency traders and investors want to determine the possible market price trend in the long term. However, this bullish technical scenario doesn’t always end in another price rally.

Tom Lee’s Bullish Bitcoin (BTC) Prediction in February 2020

Sometimes in February 2020, Tom Lee, the co-founder at Fundstrat predicted that the price of Bitcoin (BTC) is possibly going to skyrocket to $40,000 this year, back then, the digital currency was trading below $10,000.

Despite the challenging situation the world is facing right now, the research firm Fundstrat, and those that constitute it, remain bullish on Bitcoin’s potential in 2020.

Mati Greenspan Says His 100% Portfolio is in Bitcoin (BTC)

According to a tweet shared by a popular crypto analyst, Mati Greenspan, Bitcoin (BTC) remains the best choice of investment despite the recent volatility of its price in the market.

In a tweet, he said his investment in eToro is now 100 percent allocated to Bitcoin.

He shared this, “Call it FOMO, call it blind faith, or even stupidity, IDC. My eToro account is now 100% allocated to BTC.”

Bitcoin is now back to $9,000 price region, after a slight retracement a couple of hours ago. At the time of writing, BTC is trading at $9,011.21, with a 1.40% price upsurge in the last 24 hours.

Solomon Odunayo
Solomon has a growing passion for writing, this propelled him to keenly work on Eagles News Media for about two years before delving into the cryptocurrency and Blockchain industry he finds more interesting. He worked as a crypto Journalist and Editor at NewsLogical before joining Herald Sheets, owing to the priceless experience he has accumulated since he became a contributor in the crypto community.

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