Bitcoin Price Forecast: Can the BTC price reach $40,000 in the next 3-4 months?
Since April of this year, the Bitcoin price has been driving the price pump up from $4,100 to almost $14,000. Once again, crypto currencies adorn the homepages of mainstream media, and public interest is correspondingly high.
The mood about whether the crypto winter is really over is actually still sharing the opinions within the community. Thomas Lee of Fundstrat, on the other hand, still knows only one mood when it comes to the Bitcoin course, which is bullish. Already in May, Lee quoted 13 signs that a recovery is already in full swing after the consensus of 2019.
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Current expectations for the Bitcoin share price
There are currently numerous factors at play that could ensure an eventful remainder of 2019. These include the approval of CFTC futures, the influence of the Facebook Coin Libra and the never-ending speculation regarding the SEC and a release of the Bitcoin ETFs.
In addition, following the recent Bitcoin price performance, market expectations for a longer bull run are very high. In fact, driven by growing institutional commitment and the growing realisation that Bitcoin is not going anywhere, the expectation of going beyond $20,000 is immense.
What hardly anyone would have dared hope for a few months ago suddenly seems within reach. In my Bitcoin course analysis from 1 week ago I already wrote about how fast such a rise to $20,000 could theoretically happen.
In a recent interview Lee presented his technical analysis of the Bitcoin price and argued as follows:
This year was a cascade of things that contributed to the crypto winter being over. I think the first, most important thing was Bitcoin to reach its 200 day moving average again. And in its 10-year history, whenever it had been above its 200 day average, its price return is ten times better than when it had been below its 200 day average… And then we had the golden cross, right, so the 50 day average exceeded the 200.
In further recognition of the upward trend of the BTC price, Lee drew attention to the phenomenon of the $10,000 FOMO. In this regard, he said:
I think that one of the most important levels of this year that we cracked was ten thousand, because that was a price at which Bitcoin traded only 3% of its history. So if you look at the previous cycles, Bitcoin always comes into this rare area. Like when it was only traded, a kind of FOMO occurs in 3% of its history. And I think we have seen this dynamic, because as soon as we reached the $10,000, we went up almost directly to $14,000.
Bitcoin course forecast for 2019
Price volatility and probable profit taking ended the euphoria when the Bitcoin price dropped back from $14,000. Currently, the BTC has been showing an upward trend against the USD since July 2nd, but this has started to falter again today.
But that’s nothing new either. When it comes to the Bitcoin price, crypto fans expect a roller coaster ride. As Jimmy Song aptly recognized, volatility is simply a by-product of decentralization and sovereignty.
Thomas Lee also remains unimpressed by the ups and downs. He ended his train of thought as follows and makes his personal year-end forecast for the Bitcoin course:
I now think that people need to think back to these past cycles. As soon as Bitcoin breaks above that 3%, the Bitcoin price is likely to rise two hundred to four hundred percent within the next four months. This means the Bitcoin price could be up to $40,000 by the end of the year.